AFC, NGX Partner to Boost Market Capacity for Financing Nigeria’s Infrastructure Gap

The Africa Finance Corporation (AFC) and Nigerian Exchange Limited (NGX) have concluded a two-day capacity-building programme aimed at strengthening Nigeria’s capital market capabilities to finance large-scale infrastructure projects.

The workshop, held from 17–18 November 2025 in Lagos, brought together regulators, institutional investors, project sponsors and financial institutions to deepen technical expertise in project finance, risk structuring and innovative capital-market instruments.

Nigeria’s infrastructure deficit -estimated at up to US$2.3 trillion by 2043 and projected to rise significantly in the decades ahead—continues to constrain productivity and economic competitiveness. The programme was designed to respond to the urgent need for domestic long-term financing solutions that can unlock bankable opportunities across transport, energy, water, digital and social infrastructure.

Banji Fehintola, Executive Board Member and Head of Financial Services at AFC, said bridging Africa’s wide funding gap requires both market depth and specialised local capacity.

“Closing the continent’s funding gap requires building local expertise and robust market structures that can support complex, long-term projects,” he said. “Our partnership with NGX reflects our belief that Nigeria’s capital markets can and must play a pivotal role in mobilising the scale of domestic resources required to drive the country’s long-term development.”

Across the two days, participants examined frameworks for project structuring, risk allocation, credit enhancement and other essential tools for bringing infrastructure assets to market. Discussions also spotlighted emerging instruments such as green bonds, infrastructure REITs, blended-finance structures and partial risk guarantees, which can attract both domestic and global investment into critical sectors.

NGX Chief Executive Officer, Jude Chiemeka, said building deeper technical competence across the market ecosystem is essential as capital markets take on a greater share of Africa’s development financing burden.

“Through NGX X-Academy, we are equipping market participants with the specialised knowledge required to originate, structure and manage infrastructure assets that meet both local needs and global investment standards,” he said. “This collaboration with AFC is a critical step in ensuring that Nigeria and the wider region develop the institutional capabilities to attract and deploy patient capital at scale.”

The programme marks another milestone in the growing collaboration between AFC and NGX. Both institutions say they will follow up with additional initiatives aimed at turning the insights from the workshop into practical financing solutions for infrastructure projects across the country.