Infrastructure, Fiscal Space, and Capital Market Funding

Nigeria’s infrastructure conversation must now shift from ambition to financing architecture. In this ninth edition of Proshare HardFacts held on Monday, 30th, 2026, the discussion "Infrastructure, Fiscal Space, and Capital Market Funding" with Mr Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, reframes fiscal space not as a constraint alone, but as a design challenge that requires a disciplined shift from budget-dependent funding to market-based capital mobilisation. The central argument is that Nigeria cannot fund its infrastructure deficit through traditional public finance channels without widening fiscal vulnerabilities, and therefore must increasingly rely on a deeper, more functional capital market ecosystem to intermediate long-term funding. What we expect to emerge therefrom is a structured linkage among infrastructure delivery, sovereign balance-sheet constraints, and the role of institutional capital. There is now evidence that the capital market is positioned not as an adjunct but as a primary transmission mechanism for unlocking dormant assets, recycling capital, and crowding in private investment. Mr Bolaji Balogun provided insights on Nigeria’s Fiscal Reality and Infrastructure Gap, Infrastructure Debt and Capital Market Solutions, Subnational Infrastructure and Regional Capital Allocation, and the capital market and National Deal Room. The implication for policymakers, issuers, and investors is directional. Infrastructure outcomes will now be determined less by policy declarations and more by the credibility of financial structuring, governance discipline, and the ability to convert national assets into bankable instruments that can attract sustained investor participation. The conversations here are impactful and worthwhile. #askproshare #prosharehardfacts TIMESTAMPS 0:00:00 - Introduction 00:04:52 - Introduction of Guest Speaker and co-discussants 00:07:20 - The Myth of Government-Funded Development 00:08:16 - Evaluating Nigeria's Capital Expenditure (Capex) 00:10:43 - Attracting Capital via Public Markets 00:15:31 - Three Vital Lessons from Post-WWII Industrialized Economies 00:19:00 - Mobilizing Domestic Pension and Savings Pools 00:26:49 - Restructuring the Nigerian Sovereign Investment Authority (NSIA) 00:36:42 - Realities of Operating the Nigeria Infrastructure Development Fund (NIDF) 00:51:30 - Unlocking Subnational and State Infrastructure 01:01:46 - The "Deal Room" Concept and Capitalizing Natural Wealth 01:14:50 - Outro & Upcoming Economic Events