Nigeria Infrastructure Debt Fund is Nigeria's largest and Africa's first-ever listed infrastructure fund, providing long-term LCY financing for infrastructure projects in Nigeria. NIDF was conceptualised as the vehicle that could channel the long-term institutional capital, predominantly from the domestic market in Nigeria, to finance productive infrastructure in the country. NIDF solves the conundrum for most project sponsors seeking to avoid the unsustainable mismatches of currency and tenor between their financing and their revenues/cash flows. As a Permanent Capital Vehicle, NIDF has the ability to match the tenor of its financing with the cash flow profile of the project, without having to adhere to an artificial deadline for “exit” – driven by a finite fund life. At the same time, NIDF provides its investors liquidity through listing of its units on an exchange (FMDQ). Since its inception in 2017, NIDF has emerged as the largest provider of long-term Naira financing for private infrastructure projects in Nigeria. Its current capital base is c. 60 billion Naira (USD160 million), making it the largest non-sovereign issuer of a single long-term fixed income instrument in the country. It has an unbroken track record of making cash distributions to its unitholders on a quarterly basis. As on 31 December 2019, the total returns generated by NIDF for its unitholders since inception reached c. 70%. NIDF has a diversified and growing portfolio of infrastructure loans in a broad range of sectors including power generation, energy infrastructure, transportation, telecom and social infrastructure. NIDF’s investor base includes the African Development Bank (AfDB) and the Nigeria Sovereign Investment Authority (NSIA). Nearly all the pension funds in Nigeria have also participated in NIDF’s fund raising. NIDF has also seen a promising secondary market has in its units, with trading volumes far in excess of listed corporate bonds and similar long-dated instruments.