The African Development Bank (AfDB) and Infrastructure Credit Guarantee Company Limited (InfraCredit), a specialized Nigerian credit guarantee company have signed a $15 million agreement to enhance infrastructure financing in Nigeria.

The deal, which was signed on behalf of the two organizations by Lamin Barrow, Director General of the African Development Bank’s Nigeria Country Department, and Chinua Azubike, CEO of InfraCredit recently, will strengthen InfraCredit’s capital base and attract institutional investors’ resources to help close Nigeria’s infrastructure financing gap.

Also, the facility will boost InfraCredit’s efforts to unlock additional long-term local currency financing through the capital markets for infrastructure projects, primarily by leveraging pools of capital from pension funds and other institutional investors in the West African country.

“Our support to institutions such as InfraCredit demonstrates the importance of promoting innovative and scalable solutions to leverage pools of capital from domestic institutional investors, and position local capital market as a viable alternative source of long-term funding to bridge the continent’s huge infrastructure deficit,” said Lamin Barrow.

On his part,  Azubike said, “We are delighted by the African Development Bank’s confidence in our business model, which has successfully facilitated private sector investment in impactful infrastructure projects and InfraCredit’s clean energy roadmap that has accelerated green finance for climate-aligned infrastructure, fostering SME growth, job creation, sustainable energy access, and overall economic development. Despite challenging market conditions, we have consistently demonstrated strong fundamentals, solid portfolio performance, a proven track record, and profitability. The further expansion of our capital base by this facility will bolster our ability to support access to long-term local currency domestic credit for our rapidly growing pipeline of infrastructure projects currently worth over NGN 625 billion (US$ 430 million), fostering job creation and economic growth.”

InfraCredit is a specialized Nigerian credit guarantee company that mobilizes long-term capital from institutional investors to support infrastructure projects, including green and climate-aligned developments.

The partnership advances several strategic objectives under the Bank’s current country strategy for Nigeria, including stimulating local currency bond market financing across key infrastructure sectors and enhancing economic diversification and competitiveness.

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