Nigeria desperately needs support in developing the infrastructure sector to support the new drive for economic growth. Investments in this sector have lagged behind growth, as the last sets of investments were done in the 1970s.

HAL seeks to invest in high quality infrastructure assets that are diversified across the different stages of the asset life cycle and with a balanced risk profile within the sector. These assets are likely to be early stage and most likely to be PFI/PPPs, where the potential for capital growth exists but yields tend to be limited until operational.

We define infrastructure as asset intensive businesses providing essential services over the long term, often on a regulated basis or with a significant component of revenue and costs that are subject to long term contracts. These businesses must:

	have a significant underlying asset base
	generate consistent and progressive returns
	create value through planned transformational and operational changes
	reflect inflationary trends
	demonstrate potential for material capital growth.

Some examples of these infrastructure asset classes include:

Transport infrastructure

	Toll roads and Road maintenance
	Parking lots
	Ports
	Airports and Air traffic control
	Light rail concessions
	Ferries.

Utilities

	Water treatment and distribution
	Electricity distribution
	Power generation
	Oil and Gas distribution and storage
	Wastes processing and disposal.