JP Morgan is set to expand its footprint in Nigeria by upgrading its Lagos representative office into a full-fledged business branch. The US banking giant plans to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months.
With a presence in Nigeria since the 1980s, JP Morgan aims to extend its services beyond advisory and asset management to include dollar loans for large corporations. The move aligns with the bank’s broader African expansion strategy, spearheaded by CEO Jamie Dimon, who visited Nigeria in October 2024 and met with CBN Governor Olayemi Cardoso.
JP Morgan has been active in supporting African governments with international fundraising. In 2023, the bank played a role in Nigeria’s $2.2 billion Eurobond issuance, which was oversubscribed by $9 billion. It also participated in Côte d’Ivoire’s $2.6 billion issuance and helped Senegal secure $1 billion from international markets.
The bank’s growing interest in Nigeria underscores its long-term commitment to the continent, as it plans to expand into additional African countries every few years.
