Mr Aigboje Aig-Imoukhuede
The Managing Director/Chief Executive Officer of Access Bank plc, Mr Aigboje Aig-Imoukhuede has advised investors to take advantage of business opportunities in Nigeria, even as he urged them not to underestimate Nigeria’s economic potential and the profitability of business in the country.
Aig-Imoukhuede made the declaration when he addressed international investors in Lagos at the recent Nigeria International Investment Forum
According to him, “Nigeria cannot be ignored in the global business and economic scene for four major reasons, which include an extensive market; a rapidly growing economy; a stable political environment and a vibrant media and civil society sector.
He, however, projected that Nigerian banks, by the end of the year 2012, would post a total profit, which would be equivalent to about 10 percent of the aggregate profit to be garnered by all the banks in the European Union.
Speaking on the comparative trend in profit in Nigeria and Europe, the Access Bank boss argued that about five years ago when the total profit posted by all European banks was about $60 billion, all the Nigerian banks posted a combined profit of $386 million.
He noted that in 2011, the tally changed significantly with the combined profit of all Nigerian banks climbing to $1.6 billion compared to an aggregate profit of $52 billion recorded by the European banks.
He said it was safe to project that by the end of 2012 the aggregate profit of all Nigerian banks would easily be up to 10 percent of the total profit that would be declared by all the European banks.