JP Morgan is advancing its plans to upgrade its Lagos representative office into a full-fledged business branch, aligning with its broader strategy to strengthen its footprint across Africa.
The US banking giant, which has operated in Nigeria since the 1980s, is preparing to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months. This move would allow the bank to extend its services beyond advisory and asset management to include dollar-denominated loans for large corporations in Nigeria.
The expansion effort follows a visit by JP Morgan’s CEO, Jamie Dimon, to Nigeria in October 2024, where he met with CBN Governor Olayemi Cardoso. Dimon’s African tour also included stops in South Africa—where JP Morgan already operates a subsidiary—and Kenya. Speaking to Reuters prior to his trip, Dimon reiterated the bank’s ambition to deepen its African presence by expanding into additional countries every few years.
This strategy is already taking shape with the bank’s recent office openings in Abidjan, Ivory Coast, and Nairobi, Kenya, as part of its growing regional footprint.
JP Morgan’s expansion in Africa is closely tied to its role in supporting sovereign debt issuance. In 2023, the bank played a pivotal role in Nigeria’s return to the international debt market, helping the country secure $2.2 billion in Eurobonds, with an impressive $9 billion in oversubscriptions. This marked Nigeria’s first international fundraising effort since 2022 under President Bola Ahmed Tinubu’s administration.
The bank has also been actively involved in supporting other African economies. In January 2025, JP Morgan facilitated Senegal’s successful $1 billion international debt issuance. Similarly, it participated in Ivory Coast’s $2.6 billion bond issue following the election of President Bassirou Diomaye Faye, although it was not selected for the country’s latest fundraising initiative led by Finance Minister Adama Coulibaly in late January.
As JP Morgan strengthens its financial foothold in Africa, its expansion in Nigeria signifies a strategic move to deepen its influence in the continent’s largest economy. If successful, its transition to a full-service branch in Lagos could unlock new opportunities in corporate lending, capital markets, and advisory services, further cementing its role as a key player in Africa’s financial landscape.
