The private equity arm of Standard Chartered Bank and investment group Ashmore have bought a minority stake in West Africa's only aluminium can maker, as private equity buyers look to tap into growing consumer demand on the continent.

The deal for an undisclosed minority stake in Nigerian can manufacturer GZ Industries, which makes drinks cans for brewer Guinness and soft drinks giant Coca-Cola, comes as the world's largest private equity firms make their first steps into sub-Saharan Africa, which boasts some of the world's fastest growing economies and is expected to see its population double to some 2bn by 2050.