The Private Infrastructure Development Group (PIDG), through its project development arm, InfraCo, has exited its $26 million preference share investment in InfraCredit Nigeria, posting a strong return despite a tough macroeconomic environment.
InfraCo, however, retains its ordinary equity stake following InfraCredit’s listing on the NASD Over-the-Counter Securities Exchange in 2025, signalling continued confidence in the Nigerian infrastructure credit enhancement firm.
PIDG had partnered with the Nigeria Sovereign Investment Authority (NSIA) in 2017 to establish InfraCredit as the world’s first local currency guarantee facility dedicated to supporting infrastructure financing in frontier markets.
Chief Executive Officer of PIDG, Philippe Valahu, said the transaction highlights how limited catalytic capital can be deployed to unlock significantly larger pools of domestic institutional finance.
“InfraCredit’s strong performance serves as a model for how such institutions can be built and scaled. With this exit, we can redeploy capital towards climate action and sustainable development in low- and middle-income countries,” Valahu said.
InfraCredit provides Naira-denominated guarantees that enhance the credit quality of local currency debt instruments issued to fund infrastructure projects. Since inception, the institution has helped mobilise about ₦327 billion in long-term domestic capital from over 20 institutional investors across key sectors such as renewable energy, transport, logistics and telecommunications.
During the period of its investment, PIDG played an active role in InfraCredit’s governance, with representation on its board and key committees. It also supported the development of the company’s impact management and environmental, health, social and safety (HSES) frameworks, with a focus on performance measurement, gender inclusion and climate considerations.
InfraCredit’s Chief Executive Officer, Chinua Azubike, described the exit as a significant milestone in the organisation’s evolution.
“PIDG has been a foundational partner from the outset, supporting InfraCredit through its early growth phase as we built the institutional strength and market credibility required to become a publicly listed company operating at scale. As we mature into a more market-anchored institution, we value the continuation of this relationship in advancing our long-term mandate,” Azubike said.
Both organisations reaffirmed their ongoing strategic relationship, with plans for further collaboration even after PIDG’s partial exit.
PIDG is an infrastructure project developer and investor that mobilises private capital into sustainable and inclusive infrastructure across sub-Saharan Africa and South and Southeast Asia. Its activities span technical assistance, early-stage project development, debt financing through the Emerging Africa & Asia Infrastructure Fund (EAAIF), and credit enhancement solutions via GuarantCo.
Through its support for local credit enhancement facilities such as InfraCredit, PIDG aims to deepen domestic capital markets and make infrastructure projects more bankable, while advancing climate resilience and broader sustainable development goals.
