FirstRand Limited, South Africa’s second-biggest financial-services company, has announced plans to invest proceeds of its N39.5 billion ($250 million) fund raising exercise in the Nigerian economy.

The bank said it is considering real estate investment across major West and Southern African market, particularly, Nigeria, Ghana and Angola.

It said the property unit of its investment banking arm raised $250 million to develop real estate in West Africa.

In an e-mailed statement, Michael O’Malley, a Director of Johannesburg-based RMB Westport, said the money will be used to supply the strong demand for high-grade retail and commercial property.

He said, “Nigeria, Ghana and Angola have been earmarked as key jurisdictions in which to develop retail and commercial property. “Over the past decade, African economic output has more than tripled, which is one of the many reasons we believe that Africa today holds the greatest overall investment potential for all frontier markets globally.”

A report said that an increasing proportion of Africa’s population is moving into urban areas as economic growth quickens, with houses and malls being built in major cities including Accra, Abuja and Luanda, the capitals of Ghana, Nigeria and Angola respectively.