J.P. Morgan, one of the world's leading financial institutions, has announced plans to establish a merchant bank in Nigeria, with operations expected to commence before the end of 2026, subject to regulatory approval.
Dapo Olagunji, Managing Director of J.P. Morgan West Africa, disclosed the plan during the Nigeria–Asia Financial Connectivity Dialogue held in Singapore on October 8, 2026.
According to a statement released on Thursday, the dialogue was organised by the Central Bank of Nigeria (CBN) in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX), and FMDQ Group.
The proposed merchant bank would represent a significant expansion of J.P. Morgan's presence in Nigeria as the country seeks to strengthen its financial markets and attract more foreign investment.
The announcement comes amid engagements by CBN Governor Olayemi Cardoso with financial institutions and market stakeholders in Singapore ahead of the International Monetary Fund (IMF) and World Bank annual meetings scheduled to take place in Bangkok.
On September 15, J.P. Morgan announced Nigeria's inclusion in its new emerging markets index, assigning the country a weighting of 7.4 per cent.
The index, known as the Government Bond Index–Emerging Markets Edge (GBI-EM Edge), tracks local-currency government bonds across emerging and frontier markets and was launched at the end of September.
Nigeria's inclusion comes nearly 11 years after the country was removed from J.P. Morgan's Government Bond Index–Emerging Markets in 2015.
With a weighting of 7.4 per cent, Nigeria is expected to rank among the largest markets represented in the new benchmark, potentially increasing the visibility of its domestic government securities among international fixed-income investors.
The development could also strengthen investor interest in Nigeria's bond market and support the country's efforts to attract foreign capital.
However, the establishment of the proposed merchant bank remains subject to the necessary regulatory approvals.
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