JP Morgan’s Nigeria Expansion Could Boost Foreign Investment, IMPI Says

The Independent Media and Policy Initiative (IMPI) says JP Morgan Chase’s application for a national merchant banking licence in Nigeria could attract foreign investment and improve corporate financing. The group, led by Omoniyi Akinsiju, says the expansion could deepen the bank’s trade finance, corporate lending and cross-border underwriting, benefiting sectors including energy, telecommunications and manufacturing. IMPI cautions that the move alone will not guarantee increased foreign direct investment, which will also depend on investment conditions and consistent economic policies. The group links renewed international interest in Nigeria to President Bola Tinubu’s 2023 foreign exchange reforms and removal of the fuel subsidy.