JPMorgan has announced plans to launch a merchant bank in Nigeria before the end of 2026, expanding its presence in the country.
Dapo Olagunju, JPMorgan’s managing director for West Africa, announced the plan during the Nigeria–Asia Financial Connectivity Dialogue, attended by Nigerian financial authorities.
The proposed expansion is subject to regulatory approval from the Central Bank of Nigeria (CBN) and aims to deepen the bank’s presence in Africa’s most populous country.
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Support for Nigeria’s Push to Attract International Investment
Subject to approval, JPMorgan plans to convert its long-standing Lagos representative office into a licensed merchant bank. The new operation would offer direct corporate lending, including dollar-denominated loans, capital raising, and trade finance for large Nigerian businesses.
This strategic entry aligns with CEO Jamie Dimon‘s broader African growth strategy and supports Nigeria’s push to attract international investment amid rising foreign exchange reserves and ongoing economic reforms.
Dapo Olagunju, JPMorgan’s managing director for West Africa, announced the plan at the bank’s Singapore offices during the Nigeria Asia Financial Connectivity Dialogue. The Central Bank of Nigeria convened the event in collaboration with JPMorgan, Nigerian Exchange Group, and FMDQ Group.
The dialogue formed part of Central Bank Governor Olayemi Cardoso’s high-level engagements in Singapore ahead of the IMF and World Bank Annual Meetings in Bangkok. Nigeria organized these engagements to strengthen financial ties with Asian markets and attract international investment.
“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” Cardoso said. He emphasized that credible monetary policy, stronger governance and predictable rules sustain investor confidence.
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JPMorgan’s Broad Africa Growth Strategy
Chase Manhattan first entered Lagos in 1961 and offered commercial banking services to local businesses and individuals. It later opened a representative office in Nigeria in 1982. The bank notes that these milestones are part of a history that includes more than 1,200 predecessor institutions that now form JPMorgan Chase.
The latest plan aligns with JPMorgan’s wider strategy for growth across Africa. In October 2024, CEO Jamie Dimon told Reuters: “We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so.”
At the time, the bank planned to expand into Kenya and Côte d’Ivoire, focusing on commercial banking, investment banking, and treasury services. JPMorgan has continued to deepen its role in Nigeria-linked transactions. On September 15, JPMorgan added Nigeria to its new emerging markets index with a 7.4% weighting.
The index, known as the Government Bond Index Emerging Markets Edge (GBI EM Edge), tracks local-currency government bonds across frontier markets and launched at the end of September. This development comes close to eleven years after JPMorgan removed Nigeria from its GBI EM index in 2015.
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With a 7.4% weighting, Nigeria would rank among the largest markets in the new benchmark. That position could raise the profile of its domestic government securities among global fixed-income investors.
