The Group Managing Director and Chief Executive Officer of Access Bank Plc, Mr Aigboje Aig-Imoukhuede, has projected that Nigerian banks, by the end of the year 2012, will post a total profit, which will be equivalent to about 10 per cent of the aggregate profit of all the banks in the European Union.

Aig-Imoukhuede said this while addressing international investors in Lagos at the Nigeria International Investment Forum sponsored by the bank in conjunction with the Commonwealth Business Council and Ministry of Trade and Investment.

Explaining the comparative trend in profit between Nigeria and Europe, the Access Bank boss said about five years ago when the total profit posted by all European banks was about $60bn, all the Nigerian banks posted a combined profit of $386m.

He, however, noted that in 2011, the tally changed significantly with the combined profit of all Nigerian banks climbing to $1.6bn compared to an aggregate profit of $52bn 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 per cent of the total profit that would be declared by all the European banks.

Aig- Imoukhuede urged investors not to underestimate Nigeria’s economic potential and the profitability of business in the country.

“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 added.

Source: Punch (written by Ademola Alawiye)