The Nigeria Infrastructure Debt Fund (NGX:NIDF), West Africa’s first listed infrastructure debt fund, reported continued asset and income growth in its unaudited Q3 2025 interim financial statement, according to disclosures filed with the Nigerian Exchange.

Total assets rose to NGN136.26bn ($88mn) as of September 30, from NGN120.74bn ($78mn) at end-2024. Net assets attributable to unitholders climbed to NGN114.43bn ($74mn), while net asset value per unit edged up to NGN108.36 from NGN107.79.

Performance was driven by higher interest income from infrastructure loans, which jumped 32% y/y to NGN16.68bn ($11mn). Total income for the nine-month period increased to NGN18.45bn ($12mn) from NGN15.14bn ($10mn) a year earlier. After expenses, NIDF posted profit after tax of NGN16.87bn ($11mn), up 23% y/y, reflecting resilient portfolio earnings.

Cash and cash equivalents rose to NGN29.50bn ($19mn) from NGN25.78bn ($17mn) at end-2024. The fund also completed its Series 11 fundraising, raising NGN15.2bn ($10mn) and expanding total units in issue to more than 1.196 billion, providing additional capacity to finance new projects.

In the quarter, NIDF declared a distribution of NGN4.25 ($0.0027) per unit, equivalent to an annualised yield of about 20.5% based on the quarterly payout. Management said the distribution was fully covered by operational cash flows and consistent with its policy of quarterly returns.

The fund’s 29-asset portfolio remains diversified across multiple infrastructure sectors, with a weighted average annualised yield of 22.6%. Managers said NIDF continues to outperform its benchmark, the 10-Year FGN bond, with loans typically priced at a 300–500 bps premium.

Looking ahead, the fund manager reaffirmed its commitment to sustaining long-term income generation while preserving capital. Supported by strong investor demand and a growing pipeline of bankable projects, NIDF plans to maintain quarterly distributions and expand lending to Nigeria’s energy, transport and industrial-infrastructure sectors.