Guaranty Trust Bank, one of Nigeria’s largest bank, is targeting an increased loan outlay of 15-20 percent this year, with an eye on critical industries including telecom, oil and gas and manufacturing, its CEO, Segun Agbaje has disclosed.

The bank recorded a 29 percent growth last year following significant investment in the power and oil sectors of the country, boosting its confidence to replicate this strategy this year. Mr Agbaje said the bank is expecting a return of over 25 percent on its loan provision in 2014.

GTBank last week announced gross earnings of N243 billion ($1.5 billion), a 9 percent growth from 2012 returns, which stood at N232 billion ($1.4 billion).

Agbaje said the bank is keen to participate in fostering Nigeria’s growth course by providing needed capital to speed up economic activities.

The bank, which has operations in five African countries, last month announced the acquisition of Kenyan Fina Bank in a $100 million deal, as it continues to expand its footprints on the continent.