JPMorgan Plans New Merchant Bank in Nigeria by 2026

JPMorgan Chase plans to establish a merchant bank in Nigeria before the end of 2026, pending regulatory approval. Dapo Olagunji, Managing Director of JPMorgan West Africa, announced the expansion strategy during the Nigeria–Asia Financial Connectivity Dialogue held in Singapore.

Expanding Merchant Banking Operations in Nigeria

The proposed merchant bank will build upon the American financial institution’s existing representative office in Nigeria, which has operated in the country for decades. The venture aims to deepen JPMorgan’s presence in the region and strengthen its links with local businesses and domestic capital markets.

Company officials expect the new operation to create additional financial services opportunities for Nigerian businesses. These services include support for corporate transactions and broader access to international capital markets.

Economic Reforms Drive Investor Interest

The planned launch coincides with broader efforts by Nigeria to attract international investors and improve access to global financial markets. Recent policy adjustments regarding the foreign exchange market, monetary policy, and public finances have improved market functioning and helped rebuild external reserves, according to the International Monetary Fund.

However, the International Monetary Fund also noted that inflation, security concerns, and rising living costs continue to present economic challenges. Alongside these conditions, the World Bank raised its economic growth forecast for Nigeria to 4.3 percent for 2026, pointing to improved macroeconomic stability and a gradual recovery in private investment.

Reconnecting with Global Capital Indexes

Central Bank of Nigeria Governor Olayemi Cardoso stated in September that Nigeria’s return to major investment indexes, including those managed by FTSE Russell and JPMorgan, could widen access to foreign capital. Such index inclusion attracts overseas funds whose investment rules require them to operate in eligible markets.

The Central Bank of Nigeria, Nigerian Exchange Group, and FMDQ Group organized the Singapore dialogue where JPMorgan disclosed its timeline. The planned merchant bank remains subject to the necessary regulatory approvals before operations can commence.