Nigeria: AFC Capital Partners launches $750 million climate infrastructure fund to mobilize Nigerian institutional savings

AFC Capital Partners (ACP), the asset management subsidiary of Africa Finance Corporation (AFC), has registered with Nigeria's Securities and Exchange Commission (SEC) the Infrastructure Climate-Resilient Fund Nigeria (ICRF Nigeria), a closed-end fund designed to channel savings from Nigerian pension funds, insurers, and asset managers into climate-resilient infrastructure, according to AFC. The vehicle is part of the global $750 million Infrastructure Climate-Resilient Fund (ICRF) managed by ACP. The Green Climate Fund (GCF) has committed $253 million in first-loss capital, its largest equity investment in Africa to date, alongside the European Investment Bank, Development Bank of Southern Africa, Cassa Depositi e Prestiti, and Nigeria Sovereign Investment Authority. ACP is targeting up to $3.7 billion in total financing for 10 to 12 continental projects. "Africa holds over $4 trillion in domestic resources, but most remains invested in short-term instruments rather than productive sectors," said Samaila Zubairu, President and CEO of AFC. For Nigerian investors, ICRF Nigeria opens a regulated channel to infrastructure assets with risk mitigated by GCF's first-loss capital. Internally, the fund targets Nigeria's long-term savings, whose pension assets exceed 20 trillion nairas according to PenCom, predominantly invested in short-term sovereign securities. Externally, it capitalizes on climate donors' appetite, illustrated by GCF's record commitment, while Africa captures less than 5% of global climate finance flows.