The UK government’s MOBILIST program is investing N9.5 billion in InfraCredit, Nigeria’s first and only domestic creditor guarantor to support the company list on Nigeria’s NASD OTC Exchange Plc.
This investment supports InfraCredit’s listing on Nigeria’s NASD OTC Exchange Plc (NASD) with a total valuation of N64 billion ($41m). InfraCredit is raising N27 billion ($17.7m) in new equity.
Nigeria needs over $2.3 trillion in investment between 2021 and 2043 to bridge its infrastructure gap.
In a press statement Tuesday, British Deputy High Commissioner in Lagos, Mr. Jonny Baxter, said “InfraCredit’s success highlights the power and impact of long-term partnerships, and the UK via the Foreign Commonwealth and Development Office (FCDO) is proud to have played a key role in not just the creation of InfraCredit through the Private Infrastructure Development Group (PIDG), but its continued growth.
He added that the transaction illustrates the potential of public markets to mobilise domestic capital at scale. By listing with the backing of MOBILIST, InfraCredit will enable local institutional investors to benefit from the growth opportunities presented by sustainable infrastructure development in their own market while ensuring that the local firms driving these projects can access the capital they need.”
Also speaking, the InfraCredit CEO, Mr. Chinua Azubike, emphasized that “This moment marks the beginning of a new chapter for InfraCredit.
“We are pleased with the confidence reposed in us by the new domestic institutional investor shareholders alongside the UK Government through MOBILIST, and our transition to a listed public company with access to equity capital markets.
Azubike notes that this reflects the ambition to build a deeper, more inclusive capital market for domestic resources that accelerates infrastructure delivery in Nigeria in line with our mission to unlock long-term local currency infrastructure finance.
He explained that “broadening the ownership and adhering to public market standards, InfraCredit aims to create long-term impact by strengthening investor confidence as a trusted catalyst for sustainable infrastructure finance as we navigate the pathway to growth and scale.”