The Nigeria Infrastructure Debt Fund (NIDF), Nigeria’s first local currency-denominated infrastructure investment trust fund, is seeking to raise N20.24 billion in new capital for additional investment in various infrastructural projects.
NIDF is offering 185 million units of N100 par value at offer price of N109.43 under the series 10 of its N200 billion issuance programme. The offer is scheduled to close on June 13, 2024.
The issuance represents the Fund’s 10th capital raise since inception in 2017 and the second since its listing on Nigerian Exchange (NGX).
Chapel Hill Denham, the fund manager, stated that the proceeds from the offer will be applied towards infrastructure loans, in furtherance of the fund’s objective of supporting the growth of Nigerian infrastructures.
NIDF facilitates domestic and foreign institutional capital into infrastructure development in Nigeria, which has resulted in key development outcomes.
NIDF aims at providing investors regular and stable income by making debt investments primarily in infrastructure projects in Nigeria.
The fund, backed by major institutional investors including the Nigeria Sovereign Investment Authority (NSIA), has provided long-term financing in naira for private infrastructure projects.
Chief Executive Officer, Chapel Hill Denham, Mr Bolaji Balogun, said NIDF has increased the diversity of the areas it invests into, including transportation, power, education, telecoms and social infrastructure among others.
He said the country needs to invest consistently to grow in that area of infrastructure.
He also stressed the importance of infrastructure as an asset class.
Chief Executive Officer, Nigeria Infrastructure Debt Fund (NIBF), Anshul Rai, outlined the achievements of the fund since its inception in 2017.
“Through the good work of the team, we have been fortunate not to have non-performing loans. We have had situations where the price of the funds have been very strong with very significant returns,” Rai said.
Chairman, Nigeria Infrastructure Debt Fund (NIBF), Mr Phill Southwell lauded the listing, adding that by listing on the exchange, NIDF hopes to crowd in retail investors.
He said the fund’s investment strategy has the sustainability principles of environment, sustainability and governance (ESG) integrated into it.
