Citibank has tapped US-listed Blackstone to help the former firm expand its private banking business in Nigeria, BusinessDay reports.

The news service cited “sources familiar with the matter”, who reportedly said the two firms are currently studying the market and have made minimal investments in the continent, specifically Ghana, but that Nigeria is on the cards.

According to data from the International Monetary Fund, Nigeria’s GDP is set to grow by about 6 per cent a year over the next five years, while Africa may have some 200 hidden billionaires operating in the unofficial economy, the report said.

WealthBriefing was unable to contact Citi about the matter in time before publication and Blackstone declined to comment.

Towards the end of last year, HSBC Asset Management said in an investment note that Nigeria was its favourite market in sub-Saharan Africa. “Financials are showing robust potential while consumer brands are also enjoying strong growth,” the firm said. Overall, it believes that sub-Saharan Africa encapsulates the best of what the next generation of emerging markets has to offer investors in terms of potential investment returns over the long term.

Meanwhile, according to Bloomberg data, the Nigerian naira rose by 3.9 per cent versus the dollar in 2012 and was the strongest performer among currencies tracked in Africa.