Standard Bank plans $15.4 billion growth in Nigeria and Africa

Standard Bank Group Limited has shared its plans to invest in mid-sized companies across Africa. The bank aims to access opportunities in Nigeria and other important markets on the continent with $15.4 billion.

The bank wants to help African businesses grow. It plans to use its strong presence in the region to increase its profits by 2028, according to Bloomberg.

As Africa's largest lender, Standard Bank will focus on improving its operations in South Africa. It will also expand in Nigeria, Ghana, Kenya, Uganda, and Tanzania. These countries together make up around 85 percent of its expected $15.4 billion revenue.

The bank reported that its business and commercial banking operations did well over the last five years. This success was due to the rising demand for banking services among businesses in Africa.

Standard Bank stated that it has doubled its earnings and return on capital since 2020 while maintaining market growth on the continent. "From 2020 to 2025, we have doubled headline earnings, and doubled the return on capital in the business from 19 percent to 38 percent," Standard Bank said.

The bank mentioned that its earnings across Africa averaged 30 percent a year during this time.

Standard Bank also said it plans to keep its leading position in South Africa's banking markets for a long time. This is despite facing more competition in the country. "We think that it is very important to be strong in South Africa and long term, we will be wanting to challenge for that No. 1 position," the bank said.

The bank is optimistic about business expansion and regional trade. It believes its business and commercial banking unit can exceed its current growth targets. It expects its growth to reach double digits in the future.

The bank targets an annual growth rate between 8 percent and 9 percent through 2028. "We target 8 percent to 9 percent compounded annual growth rate for BCB until 2028, but actually we see it growing into the double digits as you get close to 2028," they stated.

Standard Bank Group Limited is the largest bank in Africa by assets and is based in Johannesburg. The group offers retail, business, commercial, corporate, and investment banking services, along with insurance and wealth management solutions.

The bank is listed on the Johannesburg Stock Exchange and serves millions of customers across the continent. It operates in about 20 African countries. Through its corporate and investment banking division and business banking network, Standard Bank funds trade, infrastructure, energy, mining, agriculture, and other sectors.