Fitch Ratings Affirms InfraCredit’s National IFS Rating at AAA(nga); Outlook Stable.
Lagos, Nigeria – 10 June 2026: Fitch Ratings has affirmed Infrastructure Credit Guarantee Company PLC’s (InfraCredit) National Insurer Financial Strength (IFS) Rating at ‘AAA(nga)’ with a Stable Outlook for the fourth consecutive year.
The affirmation reflects Fitch’s continued confidence in InfraCredit’s business profile as Nigeria’s pioneer infrastructure credit guarantee institution, recognising its healthy capitalisation, strong liquidity relative to expected liabilities and guarantee obligations, and a normalised earnings profile supported by investment income.
Fitch expects demand for InfraCredit’s guarantee products to remain well-supported, underpinned by Nigeria’s significant infrastructure financing gap and limited access to affordable long-term local currency financing, both of which continue to sustain a strong transaction pipeline. The rating agency also noted InfraCredit’s unique market position and growing business franchise in supporting the development of essential infrastructure across Nigeria.
Fitch views the obligors within InfraCredit’s guarantee portfolio as strong by domestic standards. The portfolio spans transportation, logistics, power and utilities, manufacturing, telecommunications, healthcare, and construction, with risk mitigated by diversification across sectors and regions within Nigeria, collateral backing, the absence of foreign currency lending exposure, and the use of co-guarantees and counter-guarantees with development finance institutions.
Speaking on the rating affirmation, Chinua Azubike, Chief Executive Officer of InfraCredit, stated:
“This affirmation reflects not only the strength of InfraCredit’s guarantee portfolio, but also the significant institutional and strategic milestones achieved over the past year. During 2025, we strengthened our capital base, welcomed domestic pension funds into our shareholder register, successfully listed our shares on the NASD Securities Exchange, commenced our transition into a formal regulatory framework under the SEC’s Credit Enhancement Facility Provider Regulations, and launched innovative financing initiatives designed to accelerate infrastructure delivery and deepen capital market participation.
Together, these developments have reinforced InfraCredit’s position as a leading institution for domestic capital mobilisation and sustainable infrastructure finance. As demand for long-term local currency financing continues to grow, we remain focused on scaling innovative financing platforms, strengthening risk-sharing partnerships, and expanding pathways that connect domestic institutional capital to infrastructure and climate-related investments. This affirmation reinforces our confidence that the foundations we have built can continue to support sustainable growth, market deepening, and broader development impact in Nigeria and beyond.”
For further enquiries, please contact:
Infrastructure Credit Guarantee Company Plc
Media Enquiries: [email protected] /[email protected]
Guarantee Enquiries: [email protected]
Phone: +234 6312300
Note to the Editor
About InfraCredit
InfraCredit (www.infracredit.ng) was established in 2017 as a first-of-its-kind ‘AAA’-rated specialised infrastructure credit guarantee institution, created to support long-term local currency infrastructure financing in Nigeria. InfraCredit’s guarantees act as a catalyst to attract long-term domestic institutional capital from pension funds, insurance firms, and other investors into creditworthy infrastructure projects, thereby deepening Nigeria’s debt capital markets.
InfraCredit is backed by the Nigeria Sovereign Investment Authority, KfW Development Bank, Africa Finance Corporation, African Development Bank, InfraCo Africa (a Private Infrastructure Development Group company), and domestic institutional investors including Leadway Assurance, AIICO Insurance, Access ARM Pensions, CardinalStone Pensions, and Crusader Sterling Pensions. As at April 2025, InfraCredit was listed as a public company and admitted to trading on the NASD. It maintains the highest domestic financial strength ratings accorded to any financial institution by Agusto & Co., Global Credit Ratings, and Fitch Ratings, which has rated InfraCredit two notches above Nigeria’s sovereign rating.
InfraCredit is the subject of two Harvard Business School case studies taught in the HBS MBA programme.
