Lagos: The Tinubu Stakeholders Forum (TSF) has welcomed plans by JP Morgan, an American banking group, to upgrade its Nigeria representative office into a fully operational business branch. Malam Danjuma Muhammad, Chairman of TSF, in a statement on Monday, described it as a global endorsement of the economic reforms of President Bola Tinubu.

According to News Agency of Nigeria, JP Morgan plans to open a fully operational business branch in Lagos, by converting its existing representative office into a fully-fledged business branch. It has been present in Lagos since the 1980s, indicating a long-term commitment to the Nigerian market. The group said JP Morgan’s decision to apply for a merchant banking licence from the Central Bank of Nigeria (CBN) marks a pivotal moment in Nigeria’s financial sector.

The move aligns with the strategic vision of JP Morgan’s Chief Executive Officer, Jamie Dimon, to deepen the bank’s footprint in Africa, particularly in thriving economies like Nigeria. The development is seen as a strong vote of confidence in the Nigerian economy and the robust reform agenda of the Tinubu administration, especially in the areas of monetary policy, ease of doing business, and financial market liberalisation.

JP Morgan’s expansion into full business operations in Nigeria sends a powerful signal to other global investors that Nigeria is open for business. The upgrade will not only strengthen the financial services ecosystem but will also create job opportunities, increase the CBN’s non-oil revenue through licensing and regulatory fees, and drive down the cost of foreign currency-denominated funding for local businesses.

TSF believes that this milestone is the outcome of President Tinubu’s bold leadership and deliberate policies to stabilise the economy, attract foreign direct investment, and reposition Nigeria as the financial hub of Africa. The group also expressed confidence that the development would catalyse similar decisions by other global financial and investment institutions, leading to a virtuous cycle of economic growth and renewed investor confidence in Nigeria.