By Damilare Adeleye
The Nigeria Infrastructure Debt Fund (NIDF) has maintained a solid performance throughout the first quarter of 2026, posting resilient asset levels and sustaining its reputation for steady income distribution.
According to its unaudited quarterly report for the period ended March 31, 2026, the fund’s total assets stood at ₦137.46 billion, remaining broadly flat compared to the ₦137.67 billion recorded at the end of the 2025 financial year.
Net assets attributable to unitholders were also stable at ₦130.54 billion, reflecting a defensive structure designed to withstand evolving market conditions.
The fund also reported a weighted average annualized yield of 19.13% on its infrastructure loan portfolio, underlining its ability to generate attractive returns in a high-yield environment.
This portfolio comprises 17 investments across multiple sub-sectors with an average tenor of 9.92 years and a remaining life of 7.78 years, ensuring long-term income stability.
These loans are typically priced at a 300–500 basis points premium over the 10-year Federal Government of Nigeria (FGN) bond benchmark, mostly on a floating-rate basis to benefit from elevated interest rates.
While interest earnings on infrastructure loans contributed ₦4.32 billion, this figure was lower than the ₦5.30 billion recorded in the first quarter of 2025.
Earnings were also pressured by a net fair value loss of ₦55.0 million, contrasting with a gain of ₦526.2 million a year earlier due to market valuation adjustments.
However, treasury income improved as earnings from bank deposits rose significantly to ₦1.52 billion. In line with its mandate, NIDF announced a quarterly distribution of ₦4.53 per unit payable on May 6, 2026, to unitholders of record as of April 28.
Liquidity remains strong as cash and cash equivalents increased to ₦50.37 billion from ₦40.19 billion at the end of 2025. Total liabilities declined slightly to ₦6.92 billion, reflecting prudent balance sheet management.
The NIDF further disclosed outstanding commitments of ₦3.0 billion alongside two newly approved investments worth ₦35.4 billion, with disbursements expected to begin in April 2026 following the completion of documentation.