Nigeria Infrastructure Debt Fund (NIDF), Nigeria’s oldest and largest local-currency infrastructure debt fund, has opened a Series 12 offer to raise up to N45 billion, offering investors units at a 23.13 percent discount to its prevailing market price on the Nigerian Exchange (NGX).
The offer, which opened on September 23, 2026, comprises 396.33 million units of N100 each issued at N113.54 per unit under the fund’s N200 billion issuance programme.
The offer price compares with NIDF’s NGX closing price of N147.70 on September 22, representing a discount of N34.16 per unit, or 23.13 percent, according to the fund manager, Chapel Hill Denham Management Limited.
The Series 12 raise marks the 12th capital raise by NIDF since its inception in 2017 and the fourth since its listing on the NGX, underscoring the fund’s continued reliance on the capital market to mobilise long-term funding for infrastructure.
NIDF is the first listed infrastructure debt fund on the NGX and has developed a track record of providing long-dated, naira-denominated financing to infrastructure projects across Nigeria.
Since inception, the fund has made 37 distributions totalling more than N100 billion to investors, according to the announcement.
Over the past decade, NIDF has financed infrastructure projects with an aggregate value of approximately $625 million, while building a diversified portfolio across several infrastructure subsectors.
The fund said it continues to assess a pipeline of infrastructure opportunities that meet its investment criteria, with a focus on projects capable of supporting Nigeria’s infrastructure development while generating sustainable long-term returns and regular distributions for investors.
The latest capital raise comes as Nigeria continues to face a significant infrastructure financing gap, increasing the importance of alternative sources of long-term naira funding beyond traditional bank lending.
For investors, the Series 12 offer provides an opportunity to gain exposure to NIDF’s infrastructure debt portfolio while participating in the fund’s planned expansion and distribution programme.
Chapel Hill Denham Management Limited is the fund manager for NIDF.
The Series 12 offer is the latest stage in the fund’s growth strategy and is expected to support further deployment of capital into qualifying infrastructure projects across Nigeria.