NIGERIA - Nigeria Sovereign Investment Authority (NSIA) (AFDB-P-NG-KE0-004)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Nigeria
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • African Development Bank (AFDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 2, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Nigeria Sovereign Investment Authority (NSIA) - Dangote Industries Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 750.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ AFDB website

Updated in EWS Aug 8, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the Project consists in providing a USD 100 million corporate loan to the Nigeria Sovereign Investment Authority (NSIA) towards its USD 750 million corporate debtraising programme, to support the expansion of its infrastructure portfolio under the Nigeria Infrastructure Fund (NIF) pocket. This marks NSIA’s first balance sheet debt financing, leveraging its existing equity base to scale up its investments. This Project is complementary to previous support to Sovereign/Strategic Investment Funds (SIFs) to mobilize private capital to bridge the infrastructure financing gap in the Regional Member Countries, such as the Ghana Infrastructure Investment Fund (GIIF) and pillar 2 of the AGIA-PD. The Program will be phased and rolled out over a five-year period. Early-stage conversations are ongoing with other Development Finance Institutions (DFIs) to diversify the funding base.

The Bank’s loan will be deployed as debt only, through the NIF, one of NSIA’s three pockets dedicated to infrastructure development. The Bank’s participation, through the proposed corporate loan, is designed as an anchor investment to demonstrate viability, catalyze future cofinancing, and serve as a market reference for subsequent participants, including Development Finance Institutions and institutional investors.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Environmental Category: [1] High Risk

The project was categorized as a high-risk transaction (Category 1) as the Corporate Loan will be used to invest in high-risk sectors such as gas industrialization and power.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

A USD 100 million corporate loan to the Nigeria Sovereign Investment Authority (NSIA) towards its USD 750 million corporate debtraising programme, to support the expansion of its infrastructure portfolio under the Nigeria Infrastructure Fund (NIF) pocket.

A senior corporate loan with a 12-year tenor, including a 3-year grace period to increase the infrastructure investing capacity of NSIA through its NIF.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

NSIA (the “Borrower”), operating commercially since October 2012, is a corporate body wholly owned by the Federation of Nigeria (Federal, State, and Local Governments). NSIA operates through three distinct pockets: the Stabilization Fund (“SF”), Future Generations Fund (“FGF”) and Nigeria Infrastructure Fund (NIF), while also managing public third-party funds. It undertakes its domestic infrastructure investment activities through NIF.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Name: Mariem SAIED
Email: m.saied@afdb.org

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.afdb.org/en/disclosure-and-access-to-information/request-for-documents. Under the AfDBs Disclosure and Access to Information policy, if you feel the Bank has omitted to publish information or your request for information is unreasonably denied, you can file an appeal at https://www.afdb.org/en/disclosure-and-access-to-information/appeals-process.

ACCOUNTABILITY MECHANISM OF AfDB

The Independent Review Mechanism (IRM), which is administered by the Compliance Review and Mediation Unit (CRMU), is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an African Development Bank (AfDB)-financed project. If you submit a complaint to the IRM, it may assist you by either seeking to address your problems by facilitating a dispute resolution dialogue between you and those implementing the project and/or investigating whether the AfDB complied with its policies to prevent environmental and social harms. You can submit a complaint electronically by emailing crmuinfo@afdb.org, b.kargougou@afdb.org, b.fall@afdb.org, and/or s.toure@afdb.org. You can learn more about the IRM and how to file a complaint at: https://www.afdb.org/en/independent-review-mechanism/

How it works

How it works