JPMorgan Chase is planning to establish a merchant bank in Nigeria, with operations expected to begin before the end of 2026, subject to regulatory approval.
The move is expected to deepen the American financial institution’s presence in Nigeria and strengthen its links with local businesses and capital markets.
Dapo Olagunji, Managing Director of JPMorgan West Africa, announced the plan during the Nigeria–Asia Financial Connectivity Dialogue in Singapore, organised in partnership with the Central Bank of Nigeria (CBN), Nigerian Exchange Group and FMDQ Group. citeturn675865search0
JPMorgan targets expansion in Nigeria
The proposed merchant bank would expand JPMorgan’s existing presence in Nigeria, where the group has maintained a representative office for decades.
The company’s planned entry comes as Nigeria seeks to attract more international investors and improve access to global financial markets. The proposed operation remains subject to the necessary regulatory approvals. citeturn675865search0turn675865search1
The expansion could create additional opportunities for Nigerian businesses seeking financial services, including support for corporate transactions and access to international capital markets.
Economic reforms support renewed investor interest
Nigeria’s efforts to improve macroeconomic stability have contributed to renewed interest from international investors.
The International Monetary Fund has noted that reforms involving the foreign exchange market, monetary policy and public finances have helped improve market functioning, rebuild external reserves and encourage the return of portfolio investment. However, it has also warned that inflation, insecurity and rising living costs continue to pose challenges. citeturn675865search4
The World Bank has also raised its forecast for Nigeria’s economic growth to 4.3 per cent in 2026, citing improved macroeconomic stability, stronger investor confidence and a gradual recovery in private investment. citeturn675865search3
Nigeria seeks stronger links with global capital
The proposed expansion comes amid efforts to reconnect Nigerian financial markets with international investors.
In September, CBN Governor Olayemi Cardoso said Nigeria’s return to major investment indexes, including those tracked by FTSE Russell and JPMorgan, could widen access to foreign capital by attracting funds whose investment rules require them to operate in eligible markets. citeturn675865search2
A local merchant banking operation could strengthen JPMorgan’s engagement with Nigerian companies and financial institutions, although the scale of its eventual impact will depend on the services offered and the level of business activity it attracts.
The planned launch remains subject to regulatory approval, with operations targeted to commence before the end of 2026.
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