Deals this week: Afreximbank commits $75 million to DBN, BII lends $7 million to Okra Solar and pension funds plan a $750 million infrastructure fund
Development finance again leads the week's Nigerian deals, aimed at small businesses, off-grid power and infrastructure.
Key findings
- Afreximbank committed $75 million to the Development Bank of Nigeria, to be lent to small businesses, including creative firms, through partner banks.
- BII lent $7 million to Okra Solar to fund equipment for about 150,000 off-grid connections.
- Pension funds aim to put about $600 million into a proposed $750 million infrastructure fund, with $350 million targeted at a first close in 2027.
- Infrastructure funds held ₦344.62 billion, about 1.08% of pension assets, in August 2026, in Dataminal's PenCom series.
Development finance led Nigeria's deals this week, with money committed to small businesses, off-grid electricity and a planned pension-backed infrastructure fund.
Afreximbank commits $75 million to the Development Bank of Nigeria
The African Export-Import Bank has committed a $75 million facility to the Development Bank of Nigeria (DBN), Nairametrics, The Guardian Nigeria and Channels Television reported after the two signed an agreement in Lagos on 11 November. DBN will lend the money through its partner financial institutions for working capital, equipment, export financing and supply chains, with fashion, film, music and design businesses among the intended borrowers. Nairametrics noted that DBN works through 84 participating financial institutions and had disbursed more than ₦1 trillion to small businesses by June.
BII lends $7 million to Okra Solar
British International Investment, the UK's development finance institution, has provided a $7 million debt facility to Okra Solar, which builds solar mesh-grids that let neighbouring homes and shops share power, The Guardian Nigeria and Leadership reported. The money will fund equipment for about 150,000 new connections, which BII said could serve up to 750,000 people. Okra has more than 13,000 households connected today. BII estimates that 90 million Nigerians lack reliable and affordable power.
Pension funds plan a $750 million infrastructure fund
Nigeria's Pension Industry Leadership Council has signed an agreement with FSD Africa, a UK-funded development agency, to set up the Pension Industry Infrastructure Platform, a proposed $750 million fund, Nairametrics, ThisDay and The Guardian Nigeria reported. It aims to raise about $600 million from Nigerian pension funds and at least $150 million from development finance institutions, with a first close of $350 million expected in 2027. At least 60% of the money is to go to projects in Nigeria, in energy, transport and digital infrastructure. Nineteen pension funds have expressed interest, and an initial review found 39 projects needing about $20 billion.
The fund would add to a small allocation. Dataminal's pension assets data, from PenCom's monthly reports, show infrastructure funds held ₦344.62 billion of pension assets at the end of August 2026, about 1.08% of the total.
What to watch
- DBN's first disbursements under the Afreximbank facility.
- The choice of a fund manager for the pension infrastructure platform and any rule changes PenCom makes for it.
- Further development finance commitments ahead of year-end.
Methodology
Each deal is described from the outlets named in its paragraph, which reported the parties' own statements; amounts are as announced and are commitments, not disbursements. The pension infrastructure fund figures are from the partners' statement as reported by Nairametrics, ThisDay and The Guardian Nigeria. Pension holdings of infrastructure funds and total net assets come from Dataminal's pension assets dataset (PenCom); the share is infrastructure funds divided by total net assets for August 2026.
Sources
- 1Afreximbank commits $75 million to DBN to finance Nigerian SMEs
- 2Afreximbank commits $75 million to boost SME financing in Nigeria
- 3Afreximbank Commits $75m To Development Bank Of Nigeria For SME Financing
- 4BII invests $7m in Okra to expand clean energy access in Nigeria
- 5BII Backs Okra With $7m To Bring Clean Power To 750,000 Nigerians
- 6FSD Africa, PILC partner to launch $750 million Nigerian pension infrastructure fund
- 7Nigeria to get 60% of proposed $750m pension infrastructure fund
- 819 Nigerian Pension Funds Express Interest in Proposed $750m Infrastructure Fund
- 9Nigeria pension fund assetsOn Dataminal: Nigeria Pension Assets & Allocation