Alex, the banking sector in Nigeria is far more ahead that those in Algeria and the Nigeria banks are booming. They buy a lot of banks in Africa and invest in other banks.
Also the telecom, stock exchange of Nigeria are booming. And also the mining, agriculture etc..
Nigeria has a very open economy and their FDI is growing..
Algeria has the potential to become a emerging market, but the need to open their economy, modernise their banks, stock exchange and other companies..
Nigeria: banks at the top
Date: 16.10.2008 The largest financial institutions in West-Afrika are in Nigeria. In the top 20-list 19 banks were Nigerian banks . These banks have made considerable more profit, with as head Intercontinental Bank' and ' First bank or Nigeria'. The position of banks are development and rising, companies in Nigeria improve more then ever. There is now a sufficient capital for investments of companies in Nigeria.
The financial service is the top of the Nigerian macro-economy at this moment. The increase was used by the government that wants to make Nigeria the financial `hub' of Africa, the current increase can be now attributed entirely to private companies. The market atracttes a lot of investors. With a population of 140 millions and a strongly rising middle class is the financial sector becoming enormous.
Source: Dutch ministery of economic business