JPMorgan Chase, the largest bank in the United States with assets of around $5 trillion, has announced plans to open an investment bank in Nigeria by the end of 2026. The move is part of the bank's strategy to expand its presence in Africa and tap into Nigeria's growing economy, which is projected to be the third-largest in Africa by nominal GDP.
The announcement was made by Dapo Olagunju, JPMorgan's CEO for West Africa, at the Nigeria-Asia Financial Connectivity Dialogue in Singapore. The event was organized by the Central Bank of Nigeria (CBN), JPMorgan, the Nigerian Exchange Group (NGX), and FMDQ Group. The dialogue was part of CBN Governor Olayemi Cardoso's high-level engagements in Singapore ahead of the annual IMF and World Bank meetings in Bangkok.
Nigeria is seeking to strengthen its financial ties with Asian markets and attract foreign investment. The country's efforts to reform its economy and attract capital have been ongoing, with Governor Cardoso emphasizing the need for credible monetary policy, good governance, and predictable rules to support investor confidence.
JPMorgan has a long history in Nigeria, dating back to 1961 when Chase Manhattan opened a branch in Lagos. A representative office was established in 1982, and since then, the bank has been expanding its presence in the country. The new investment bank is part of JPMorgan's strategy to add "one or two countries" in Africa every two years, with plans to expand into Kenya and Côte d'Ivoire.
The new investment bank is expected to transform access to international financing for Nigerian companies. It comes as Nigeria seeks to attract and retain capital, with the government emphasizing the need for reforms to create a stable and predictable investment environment.
JPMorgan's involvement in Nigeria's financial transactions has been growing, with the bank advising on several major deals. In May 2026, Bloomberg reported that JPMorgan was among three banks engaged by Nigerian payments company OPay on a potential US IPO valued at around $4 billion.
The new investment bank in Nigeria is a significant development for the country's financial sector, signaling the government's efforts to integrate with global financial flows and diversify its sources of capital. For JPMorgan, the move is part of its African expansion strategy, which aims to tap into the continent's growing economies and investment opportunities.
Key points
- JPMorgan Chase plans to open an investment bank in Nigeria by end-2026.
- The move is part of JPMorgan's strategy to expand its presence in Africa.
- Nigeria is seeking to attract foreign investment and strengthen its financial ties with Asian markets.
