The Central Bank of Nigeria is set to launch an investment bank in Africa to boost economic growth and infrastructure. It has hired accountants KPMG to hire a chief executive to be based in Lagos.

KPMG said Nigeria was looking to establish the "private sector-led investment bank in Africa", called the Africa Finance Corporation. It said: "The setting up of the Africa Finance Corporation is driven by the need to bridge the funding gap in African growth sectors and the development of infrastructure towards driving the continent's economic development." The group will offer a full range of financial products, including loan guarantees, risk management products and equity participation in private sector-led projects and venture capital. It will also provide advisory and investment banking services. These include corporate finance, mergers and acquisitions, capital market activities, equity research, asset management and project and structured finance operations.