The Nigerian business landscape has lately felt like a revolving door—big names walking out with weary sighs, lamenting the economy, while others peek in, shake their heads, and keep moving. Yet, here comes JP Morgan, suit pressed and briefcase in hand, ready to expand in a market that has sent many packing. What do they see that others don’t?

For starters, JP Morgan isn’t exactly new to the Nigerian business scene. They’ve had a Lagos representative office since the 1980s, quietly offering advisory and asset management services. But now, they want more—merchant banking, dollar loans, a bigger footprint. It’s a bold move, especially considering Nigeria’s economic turbulence. So, why now?

It could be about playing the long game. Nigeria, despite its struggles, remains Africa’s biggest economy, with deep capital markets and a population that would make any global investor’s eyes twinkle. Where others see uncertainty, JP Morgan sees potential.

The bank’s love affair with Africa is not just a fling. CEO Jamie Dimon has been on a tour, shaking hands in Nairobi and South Africa, planting flags across the continent. Nigeria’s recent Eurobond success, which saw an over-subscription of $9 billion, might have sweetened the deal. If a country can still attract that level of international confidence, maybe it’s not all doom and gloom.

Meanwhile, the exit list from Nigeria reads like a farewell party—Unilever, GlaxoSmithKline, ShopRite, and even Microsoft have either packed up or scaled down. High operating costs, currency instability, and regulatory hurdles have made doing business in Nigeria feel like running a marathon in quicksand. Yet, JP Morgan is lacing up its boots.

One might wonder if they know something the others don’t. Perhaps they’re betting that Africa’s financial future runs through Lagos, and they want to be first in line when things stabilise. If nothing else, it’s a gamble worth watching. For now, JP Morgan’s expansion feels like a plot twist in Nigeria’s economic saga. Whether it ends in triumph or another corporate retreat remains to be seen. But one thing’s for sure—when a heavyweight like JP Morgan leans in, it’s hard not to pay attention

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