AFC Launches $150M Fund for Nigeria's Infrastructure Growth

AFC Capital Partners (ACP), the asset management subsidiary of Africa Finance Corporation (AFC), has initiated the Infrastructure Climate-Resilient Fund Nigeria (ICRF Nigeria), aiming to raise $150 million to mobilize long-term domestic institutional capital for infrastructure projects. Registered with the Securities and Exchange Commission as a closed-end fund, ICRF Nigeria will focus on sectors such as transport, renewable energy, digital infrastructure, and industrial development.

This initiative is part of ACP’s broader $750 million Infrastructure Climate-Resilient Fund, which has secured investments from various entities, including the Green Climate Fund (GCF) and the Nigeria Sovereign Investment Authority. The GCF has committed $253 million as first-loss capital, designed to mitigate investment risks and attract private capital.

Samaila Zubairu, AFC’s president and CEO, emphasized the need to connect Africa’s long-term savings with its development needs. Ayaan Adam, CEO of ACP, noted that the fund provides Nigerian institutional investors with access to high-quality, climate-resilient infrastructure investments.