Nigeria Infrastructure Debt Fund Raises ₦15.2 Billion in Series 11, Delivers 20.49% Yield in Q3 2025

The Nigeria Infrastructure Debt Fund (NIDF), managed by Chapel Hill Denham, successfully raised ₦15.2 billion through its Series 11 issuance during the third quarter of 2025.

The new capital raise, approved by the Securities and Exchange Commission (SEC) on 3 October 2025, reinforces investor confidence in the Fund’s performance, governance, and long-term income consistency.

The Series 11 issuance expands NIDF’s total units in issue to 1.196 billion, deepening market liquidity and enhancing the Fund’s capacity to finance critical infrastructure projects across Nigeria.

The fund’s market value rose to ₦135.16 billion, while Net Asset Value (NAV) stood at ₦129.61 billion as of 30 September 2025, with a NAV per unit of ₦108.36.

The fundraising round marks another milestone in NIDF’s capital market history as the first listed infrastructure debt fund in Nigeria, listed on both the Nigerian Exchange (NGX) and the FMDQ Exchange. It also reinforces its record of consistent performance and regular quarterly distributions to investors.

The Fund declared a ₦4.25 per unit distribution for the third quarter of 2025, representing a 20.49 percent annualized yield, with a qualification date of 27 October 2025 and payment scheduled for 4 November 2025.

The payout will be funded entirely from cash flows generated during the quarter, reflecting strong income sustainability and portfolio efficiency.

As of the end of the third quarter, NIDF maintained a diversified portfolio of 29 infrastructure loans across 10 sub-sectors, including power, transport, manufacturing, and telecommunications.

The Fund’s weighted average annualized yield stood at 22.59 percent, while the weighted average tenor at disbursement was 9.21 years with a remaining life of 6.75 years.

The Fund’s portfolio composition remains resilient, with 100 percent Naira-denominated loans, 97 percent senior secured exposure, and 95 percent floating rate instruments, protecting investors from foreign exchange and interest rate volatility.

According to Saurabh Srivastava, Chief Executive Officer of NIDF, the strong Q3 results and continued investor participation underscore the Fund’s strategic role in bridging Nigeria’s infrastructure financing gap through private capital.

“The completion of Series 11 and sustained quarterly payouts highlight investors’ confidence in our governance, structure, and long-term value creation,” he said.

NIDF continues to outperform its benchmark, the 10-Year Federal Government of Nigeria (FGN) Bond, with its infrastructure loans typically priced at 300 to 500 basis points above the benchmark on a floating-rate basis.

The Fund’s total return has grown steadily since inception, rising from a base value of 100 in 2017 to 394.8 as of September 2025, representing nearly a 295 percent cumulative gain for investors who reinvested their distributions.

This superior return profile positions NIDF as one of the most attractive income-yielding instruments on the NGX, offering both liquidity and long-term stability to investors seeking exposure to fixed-income infrastructure assets.

NIDF’s governance and operational structure remain among the strongest in Nigeria’s capital market. The Fund is managed by Chapel Hill Denham, with institutional oversight provided by Stanbic IBTC Trustees, STL Trustees, and Citi Nigeria as Custodian.

Its Investment Committee is chaired by Philip Southwell, with Bolaji Balogun serving as Chief Investment Officer, while the Advisory Board includes representatives from the African Development Bank (AfDB), Nigeria Sovereign Investment Authority (NSIA), and NPF Pensions.

The Fund’s auditor, PwC Nigeria, and valuation adviser, Deloitte Nigeria, reinforce its governance and compliance standards.

The Fund’s 100 percent Naira-denominated infrastructure loans directly support projects that generate long-term, predictable cash flows, particularly in sectors critical to Nigeria’s growth. Its 21-year longest-tenor loan and 18 percent construction exposure highlight the Fund’s focus on sustainable infrastructure finance.

Fund Manager Chapel Hill Denham stated that NIDF remains committed to expanding private-sector participation in infrastructure financing, promoting economic growth, and maintaining regular, sustainable returns to investors.

With consistent quarterly distributions, robust asset performance, and increasing investor participation, NIDF continues to set the standard for infrastructure-based income investment in Nigeria’s capital markets.