The Nigeria Infrastructure Debt Fund (NIDF), Africa's first listed infrastructure debt fund, has launched a Series 12 capital raise targeting N45 billion to finance long-term infrastructure projects. The offer, initiated on September 23, 2026, provides investors with units at N113.54 each—23.13% below the Nigerian Exchange (NGX) closing price of N147.70 on September 22, 2026, according to Chapel Hill Denham Management Limited, the fund's manager. The initiative involves 396.33 million units priced at N100 each, part of NIDF's N200 billion issuance program, aiming to expand its infrastructure portfolio and sustain quarterly distributions to investors.
Since its 2017 inception, NIDF has conducted 12 capital raises, including four post-listing on the NGX, reflecting its reliance on the capital market for naira-denominated infrastructure financing. Over a decade, the fund has allocated approximately $625 million to projects across energy, transportation, and utilities, while distributing over N100 billion to investors through 37 payouts. The Series 12 raise underscores its strategy to bridge Nigeria's estimated N15 trillion infrastructure financing gap, which exceeds traditional banking capacity, as highlighted by the fund's management.
NIDF's expansion comes amid growing demand for alternative long-term funding sources in Nigeria's infrastructure sector. The fund's portfolio diversification across subsectors positions it to support projects generating sustainable returns and regular distributions. Chapel Hill Denham emphasized that the capital raise will accelerate deployment into qualifying projects, aligning with national development priorities. Investors gain exposure to a track record of consistent returns, with NIDF delivering record cash flows in recent quarters, as noted in previous reports.
The initiative highlights the critical role of institutional investors in Nigeria's infrastructure development. By leveraging market mechanisms, NIDF aims to catalyze private sector participation in sectors vital to economic growth. The fund's approach contrasts with conventional bank lending, offering a structured avenue for long-term naira investments. As Nigeria seeks to modernize its infrastructure, NIDF's strategy exemplifies how specialized financial instruments can address systemic funding challenges while delivering value to stakeholders.