African Finance Corporation (AFC) and Nigeria Exchange Limited (NGX) have partnered to strengthen Nigeria’s capital markets, with the aim of addressing the country’s huge infrastructure deficit, estimated to reach $2.3 trillion by 2043.
The two institutions signed a two-day capacity building program aimed at strengthening the technical capacity needed to build and finance infrastructure projects through Nigeria’s capital markets.
The two-day workshop held in Lagos on 17 and 18 November 2025 convened experts from regulators, institutional investors, project sponsors and financial institutions to strengthen project and infrastructure finance capacity and explore how Nigeria’s capital markets can serve as a key platform for financing sustainable infrastructure.
This workshop was held to address the urgent need for innovative financing mechanisms that can mobilize domestic long-term capital into bankable infrastructure opportunities.
“Bridging the continent’s financing gap requires building local expertise and strong market structures that can support complex, long-term projects. At AFC, we are committed not just to project financing, but to advancing the overall framework needed to deliver bankable and sustainable infrastructure solutions,” said Bandi Fehintra, Director and Head of Financial Services at AFC.
“Our partnership with NGX reflects our belief that Nigeria’s capital markets can and must play a vital role in mobilizing the domestic resources needed to drive the country’s long-term development.”
Jude Chimeka, CEO of NGX, emphasized the importance of deepening expertise across markets, saying, “As capital markets assume a more central role in financing Africa’s development, building technological depth across the ecosystem will be essential.”
He said that through NGX X-Academy, the company’s purpose-built capacity building platform, it provides market participants with the expertise needed to create, build and manage infrastructure assets that meet both local needs and global investment standards. This collaboration with AFC is an important step in ensuring that Nigeria and the wider region develops the institutional capacity to attract and deploy patient capital at scale.
This workshop marks a milestone in the growing collaboration between AFC and NGX and strengthens our shared commitment to achieving sustainable, market-driven infrastructure financing. Both agencies plan to build on this momentum through follow-up initiatives aimed at deepening engagement and translating insights from the program into concrete financing solutions for critical infrastructure projects.
Throughout the two-day program, participants explored frameworks for project structuring, risk allocation, and credit enhancement, which are essential tools for bringing infrastructure assets to market. The session also explored emerging capital market instruments such as green bonds, infrastructure REITs, blended finance structures, and partial risk guarantees, highlighting realistic pathways for mobilizing long-term domestic and international capital for infrastructure.
