African banks are increasingly looking outside of their domestic markets, and many of the continent's biggest lenders are now active in multiple countries, buoyed by greater access to vast unbanked populations and a more stable political environment.

Competition among Nigeria’s biggest banks will become even fiercer in the coming few years thanks to the creation of two new top-tier lenders in the wake of the country’s financial crisis. But the head of First Bank, the largest lender in Nigeria, is undaunted by the emergence of these rivals. 

Nigeria’s capital markets have yet to recover fully after crashing in 2008. But thanks to extensive reforms by its regulators and a strengthening of investor sentiment amid rapid economic growth, the country's stock exchange is expected to take off in the next few years, and some bankers think its capitalisation can reach $1000bn by as soon as 2016.

Africa’s poor infrastructure has caused it to lag behind other emerging markets over the past few decades. And while better infrastructure is crucial for the continent’s economic development, it can also boost democracy and good governance.

Nigeria has revitalised its banks following their crisis two years ago. They are now far healthier and are once again making strong profits. But the shake up of the industry will continue for a while yet, as the affects of recent consolidation – including the creation of two new top tier banks – begin to be felt. 

By taking on their non-performing loans, Nigeria’s state-owned bank, Amcon, has played a pivotal role in ensuring that the country’s banks are up and running again just two years after their crisis. However, its chief executive is keen to stress that its work is far from over.

Mismanagement and corruption have stifled Nigeria's economy for decades. But this year’s elections have given hope that its leaders will finally embark on the deep reforms needed to modernise the resource-rich country and enable it to finally fulfil its vast potential.

Ngozi Okonjo-Iweala’s recent appointment as Nigeria’s economic tsar has led to high expectations that the country can finally start to fulfil its vast potential. But, despite her intellect, boundless energy and standing among investors, the task is a daunting one.