Citibank is working on plans to develop consumer banking services in Nigeria as it looks to tap into the fast growth of the Africa’s top oil producer and most populous nation.

Naveed Riaz, chief executive of the US bank’s Africa division, told the Financial Times that Citi was interested in consumer banking in several African nations, including Morocco and Algeria. He said Citi was “working on plans” in Nigeria, which was top of the list of the African countries it was looking at.

“In Nigeria, and some of the other markets, the [consumer banking] space is not yet developed, is not yet at a point where you cannot go in, and we believe you can succeed with a greenfield strategy …because it’s under-serviced in that particular segment of products,” said Mr Riaz.

“It’s 165m people, and whichever way you cut it, it’s a very interesting market and you just can’t ignore it. And it’s an early stage market – the barriers, or the cost of entry, are not very high.”

He said the group had no schedule yet on when it could begin offering retail services in Africa as it considers regulatory and market factors. At present Citi only provides consumer banking in Africa in Egypt, which it classifies as being part of the Middle East.

Mr Riaz said the bank is unlikely to look at acquisitions, describing its strategy in Africa as “aggressive organic growth”.

Citi has four branches in Lagos, the main commercial hub, and 12 branches in total in Nigeria, all offering corporate banking. It has a presence in 15 African countries.