Nigeria’s Market Enhancement: Private Infrastructure Development Group Exits InfraCredit

The Private Infrastructure Development Group (PIDG), through its project development solution, InfraCo, has exited its preference share investment in InfraCredit Nigeria for $26 million, achieving a strong return despite challenging macroeconomic conditions.

However, the InfraCo continues to hold ordinary shares following InfraCredit Nigeria’s listing on the NASD OTC Securities Exchange in 2025.

PIDG had partnered with the Nigeria Sovereign Investment Authority to establish InfraCredit in 2017, the first local-currency guarantee facility in the world targeting infrastructure in frontier markets.

The chief executive officer, PIDG, Philippe Valahu, said, “PIDG has demonstrated how to successfully use increasingly scarce capital to unlock domestic institutional finance. InfraCredit’s strong performance serves as a template for how such entities can be built in the future. With this transaction, we can now redeploy our investment for further action on climate and sustainable development in low- and middle-income countries.”

PIDG will reinvest the USD 26 million earnings into additional inclusive and sustainable infrastructure projects.

InfraCredit is a specialised institution that provides Naira-denominated guarantees to enhance the credit quality of local currency debt instruments issued to finance infrastructure projects in Nigeria. Since its establishment, it has expanded its guarantee portfolio and enabled domestic investors to participate in infrastructure finance, unlocking N327 billion (approximately $516 million at issuance) from more than 20 institutional investors across sectors including renewable energy, transport, logistics, and telecommunications. Through this time, PIDG played an active role as an investor, including through representation on InfraCredit’s board and key committees. PIDG also supported the development of InfraCredit’s impact management and HSES frameworks covering important aspects across measurement, gender empowerment and climate, to enable best-in-class projects.

CEO of InfraCredit, Chinua Azubike, said, “The completion of PIDG’s preference share investment marks an important milestone in InfraCredit’s development. PIDG has been a foundational partner since inception, supporting InfraCredit through its early stages as we built the institutional strength and market credibility required to become a publicly listed company and operate at scale. As InfraCredit continues to evolve as a more established, market-anchored institution, we value the continuation of this relationship and the role it plays in advancing our long-term mandate.”

The partnership between PIDG and InfraCredit has played a transformational role in Nigeria’s infrastructure finance landscape, making projects more bankable and attracting vital domestic capital.

This association will continue, with future collaborations planned even after PIDG’s exit.