JPMorgan Chase & Co. plans to establish a merchant bank in Nigeria and aims to begin operations before the end of 2026, pending regulatory approval. Dapo Olagunji, Managing Director of JP Morgan West Africa, announced the plan at the Nigeria–Asia Financial Connectivity Dialogue in Singapore.
The move would expand JPMorgan’s presence in Nigeria and across Africa. The bank is expected to broaden the financial services available to Nigerian businesses and investors as the country seeks to deepen its financial markets and attract international investment.
J.P. Morgan removed Nigeria from its Government Bond Index–Emerging Markets (GBI-EM) in 2015, citing concerns about foreign-exchange market liquidity. The planned investment could signal renewed confidence in Nigeria’s economic reforms and financial-market stability.