AFC Capital Launches Climate Resilient Infrastructure Fund in Nigeria

AFC Capital Partners has launched the Infrastructure Climate-Resilient Fund Nigeria (ICRF Nigeria), a new investment vehicle aimed at channeling capital from Nigerian institutional investors into climate-resilient infrastructure projects in Nigeria and across Africa. Announced in Lagos on August 24, 2026, the fund is registered with Nigeria’s Securities and Exchange Commission as a closed-end investment fund. It is designed to give pension funds, insurers, asset managers and other institutional investors access to a diversified portfolio of infrastructure projects without requiring them to invest directly in individual developments.

Fund Targets Renewable Energy and Digital Infrastructure

ICRF Nigeria forms part of AFC Capital Partners’ broader $750 million Infrastructure Climate-Resilient Fund, which invests in projects where climate risks are considered throughout planning, construction and operation. Target sectors include renewable energy, transport and logistics, digital infrastructure and industrial development. Each investment will be assessed for physical and transition climate risks, including exposure to extreme weather, emissions pathways and climate governance.

The wider fund combines commercial and concessional capital to reduce risks that have historically discouraged private investment in African climate adaptation projects. The Green Climate Fund has committed $253 million as a first-loss investor, while the European Investment Bank has provided $52.48 million. Other participating institutions include the Development Bank of Southern Africa, Cassa Depositi e Prestiti, the Nigeria Sovereign Investment Authority and several African pension funds. AFC Capital Partners expects the fund to mobilise up to $3.7 billion in total financing for between 10 and 12 infrastructure projects across Africa.

Opening Infrastructure to Nigerian Pension Funds

The launch comes as Nigerian institutional investors continue to hold most of their assets in government securities. According to the National Pension Commission, 58.07% of pension assets were invested in federal government securities at the end of March 2026, while alternative assets and real estate represented just 3.95%.

ICRF Nigeria is intended to provide a structured route into infrastructure investments through a diversified portfolio and blended-finance model, helping spread project risk while giving investors exposure to long-term productive assets. AFC Capital Partners CEO Ayaan Adam said the fund provides Nigerian institutional investors with a dedicated route into climate-resilient infrastructure investments across Nigeria and Africa.

Africa Finance Corporation President and CEO Samaila Zubairu said Africa has more than $4 trillion in domestic resources across pension funds, insurance companies, sovereign wealth funds and other pools of capital, but dedicated investment vehicles are needed to connect those savings with infrastructure and industrial development.

AFC Capital Partners, the wholly owned asset management subsidiary of Africa Finance Corporation, is licensed by Nigeria’s Securities and Exchange Commission as a fund manager. The launch of ICRF Nigeria extends its strategy of linking domestic institutional capital with Africa’s growing infrastructure needs while focusing on projects designed to withstand increasing climate-related risks.