The American bank plans to transform its office in Lagos into a fully-fledged business branch, strengthening its presence in Africa and offering services in Nigeria beyond advisory and asset management solutions.
The bank’s next move is to apply for a merchant banking licence from the Central Bank of Nigeria (CBN) in the upcoming months. If approved, JP Morgan will be able to offer dollar loans to Nigerian corporations, which is expected to improve liquidity and investment opportunities for businesses operating in the country.
This development aligns with the bank’s plan to further expand in Africa. In October, JP Morgan representatives visited Nigeria to discuss economic prospects and regulatory frameworks with financial authorities. The trip also included stops in South Africa, where the bank has a subsidiary, and Kenya, as part of a broader strategy to expand its presence across the continent.
In January, a JP Morgan delegation met with Nigeria’s finance leadership at the ministry’s headquarters in Abuja. According to a post on X, the discussions centred on investment opportunities, boosting investor confidence, and assessing the country’s economic outlook.
The bank aims to expand into a new country every few years. Recently, it opened offices in Abidjan, Côte d’Ivoire, and Nairobi, Kenya. One of JP Morgan’s goals in Africa is facilitating the issuance of Eurobonds for governments and corporations.
The implementation is projected to create new financing opportunities for Nigerian businesses, boost foreign investment, and contribute to the overall growth of the country’s financial sector. Industry experts anticipate that this expansion will enable the country to become prominent in Africa’s banking sector, attracting more global financial institutions to invest in the region.
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