J.P. Morgan, Absa see Nigeria opportunity as foreign banks exit Africa

The statement said the country’s investment landscape in 2026 was being shaped by structural reforms, including fuel subsidy removal and foreign-exchange market liberalisation. “There is broad agreement among economists and policy analysts that the Nigerian investment landscape in 2026 is defined by the outcomes of ‘painful but necessary’ structural reforms initiated by President Bola Tinubu at the start of his administration,” the statement said. It added that early 2026 indicators suggested a “fragile stabilisation” following the macroeconomic volatility triggered by the reforms. Read also: Nigeria’s banks surge in Africa Top 100 rankings after recapitalisation External liquidity has also strengthened. The Central Bank of Nigeria reported that foreign-exchange reserves reached $50.45 billion in February, a 13-year high at the time. By October 8, reserves had risen to $55 billion, an 18-year high, providing a larger buffer against external shocks. Nigeria’s stock market has also delivered strong returns to investors. The market recorded a 74.7 percent year-to-date return in US dollar terms as of October 6, the highest in Africa, according to data from African Markets. The country also improved its position in a 2026 Bloomberg Economics Investment Risk-O-Meter, rising four places to rank as Africa’s eighth-most-investable market, ahead of Rwanda, Tanzania, Kenya and Namibia. Nigeria has also received more favourable assessments from international rating agencies. Moody’s Ratings revised the country’s sovereign outlook to positive from stable in August 2026 while affirming its B3 rating. Fitch Ratings followed on October 9, revising its outlook to positive while affirming its B rating. S&P Global Ratings upgraded the nation’s sovereign rating to B from B- in May, although it retained a stable outlook. These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

“There is broad agreement among economists and policy analysts that the Nigerian investment landscape in 2026 is defined by the outcomes of ‘painful but necessary’ structural reforms initiated by President Bola Tinubu at the start of his administration,” the statement said. It added that early 2026 indicators suggested a “fragile stabilisation” following the macroeconomic volatility triggered by the reforms. Read also: Nigeria’s banks surge in Africa Top 100 rankings after recapitalisation External liquidity has also strengthened. The Central Bank of Nigeria reported that foreign-exchange reserves reached $50.45 billion in February, a 13-year high at the time. By October 8, reserves had risen to $55 billion, an 18-year high, providing a larger buffer against external shocks. Nigeria’s stock market has also delivered strong returns to investors. The market recorded a 74.7 percent year-to-date return in US dollar terms as of October 6, the highest in Africa, according to data from African Markets. The country also improved its position in a 2026 Bloomberg Economics Investment Risk-O-Meter, rising four places to rank as Africa’s eighth-most-investable market, ahead of Rwanda, Tanzania, Kenya and Namibia. Nigeria has also received more favourable assessments from international rating agencies. Moody’s Ratings revised the country’s sovereign outlook to positive from stable in August 2026 while affirming its B3 rating. Fitch Ratings followed on October 9, revising its outlook to positive while affirming its B rating. S&P Global Ratings upgraded the nation’s sovereign rating to B from B- in May, although it retained a stable outlook. These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

Read also: Nigeria’s banks surge in Africa Top 100 rankings after recapitalisation External liquidity has also strengthened. The Central Bank of Nigeria reported that foreign-exchange reserves reached $50.45 billion in February, a 13-year high at the time. By October 8, reserves had risen to $55 billion, an 18-year high, providing a larger buffer against external shocks. Nigeria’s stock market has also delivered strong returns to investors. The market recorded a 74.7 percent year-to-date return in US dollar terms as of October 6, the highest in Africa, according to data from African Markets. The country also improved its position in a 2026 Bloomberg Economics Investment Risk-O-Meter, rising four places to rank as Africa’s eighth-most-investable market, ahead of Rwanda, Tanzania, Kenya and Namibia. Nigeria has also received more favourable assessments from international rating agencies. Moody’s Ratings revised the country’s sovereign outlook to positive from stable in August 2026 while affirming its B3 rating. Fitch Ratings followed on October 9, revising its outlook to positive while affirming its B rating. S&P Global Ratings upgraded the nation’s sovereign rating to B from B- in May, although it retained a stable outlook. These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

External liquidity has also strengthened. The Central Bank of Nigeria reported that foreign-exchange reserves reached $50.45 billion in February, a 13-year high at the time. By October 8, reserves had risen to $55 billion, an 18-year high, providing a larger buffer against external shocks. Nigeria’s stock market has also delivered strong returns to investors. The market recorded a 74.7 percent year-to-date return in US dollar terms as of October 6, the highest in Africa, according to data from African Markets. The country also improved its position in a 2026 Bloomberg Economics Investment Risk-O-Meter, rising four places to rank as Africa’s eighth-most-investable market, ahead of Rwanda, Tanzania, Kenya and Namibia. Nigeria has also received more favourable assessments from international rating agencies. Moody’s Ratings revised the country’s sovereign outlook to positive from stable in August 2026 while affirming its B3 rating. Fitch Ratings followed on October 9, revising its outlook to positive while affirming its B rating. S&P Global Ratings upgraded the nation’s sovereign rating to B from B- in May, although it retained a stable outlook. These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

Nigeria’s stock market has also delivered strong returns to investors. The market recorded a 74.7 percent year-to-date return in US dollar terms as of October 6, the highest in Africa, according to data from African Markets. The country also improved its position in a 2026 Bloomberg Economics Investment Risk-O-Meter, rising four places to rank as Africa’s eighth-most-investable market, ahead of Rwanda, Tanzania, Kenya and Namibia. Nigeria has also received more favourable assessments from international rating agencies. Moody’s Ratings revised the country’s sovereign outlook to positive from stable in August 2026 while affirming its B3 rating. Fitch Ratings followed on October 9, revising its outlook to positive while affirming its B rating. S&P Global Ratings upgraded the nation’s sovereign rating to B from B- in May, although it retained a stable outlook. These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

The country also improved its position in a 2026 Bloomberg Economics Investment Risk-O-Meter, rising four places to rank as Africa’s eighth-most-investable market, ahead of Rwanda, Tanzania, Kenya and Namibia. Nigeria has also received more favourable assessments from international rating agencies. Moody’s Ratings revised the country’s sovereign outlook to positive from stable in August 2026 while affirming its B3 rating. Fitch Ratings followed on October 9, revising its outlook to positive while affirming its B rating. S&P Global Ratings upgraded the nation’s sovereign rating to B from B- in May, although it retained a stable outlook. These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

Nigeria has also received more favourable assessments from international rating agencies. Moody’s Ratings revised the country’s sovereign outlook to positive from stable in August 2026 while affirming its B3 rating. Fitch Ratings followed on October 9, revising its outlook to positive while affirming its B rating. S&P Global Ratings upgraded the nation’s sovereign rating to B from B- in May, although it retained a stable outlook. These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

Fitch Ratings followed on October 9, revising its outlook to positive while affirming its B rating. S&P Global Ratings upgraded the nation’s sovereign rating to B from B- in May, although it retained a stable outlook. These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

S&P Global Ratings upgraded the nation’s sovereign rating to B from B- in May, although it retained a stable outlook. These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

These indicators signal that Nigeria’s investment appeal is improving, although risks remain. Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

Inflation, currency volatility, regulatory requirements and the cost of doing business will continue to influence foreign lenders’ decisions on whether to move from representative offices to licensed banking operations. Foreign banks reassess their African presence The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

The expansion plans come as several European banking groups have withdrawn from or reduced their exposure to parts of Africa over the past decade. Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

Barclays, BNP Paribas, Crédit Agricole, Groupe BPCE, Société Générale and Standard Chartered are among the lenders that have scaled back operations in some African markets, reflecting changing strategic priorities and capital considerations. However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

However, the retreat has not been uniform. Some international lenders continue to pursue opportunities, while African banking groups have acquired businesses previously owned by foreign institutions. A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share

A Lagos-based investment banking analyst said Absa’s potential expansion into Nigeria was not unexpected, given the group’s existing presence in Ghana and its broader African ambitions. The analyst also pointed to J.P. Morgan’s established relationship with Nigeria, including its role in managing the country’s foreign reserves, as a factor that could support a deeper local presence. The analyst said Nigeria’s improving economic indicators and the returns available in its markets could attract more international lenders, including banks from the Middle East. However, foreign banks would still need to assess the risks before committing capital. Read also: Africa’s biggest central banks diverge as Nigeria cuts, South Africa hikes For Nigerian banks, the entry of additional international lenders could intensify competition for large corporate clients, cross-border transactions and international investment flows. It could also create opportunities for partnerships, knowledge-sharing and access to global financial networks. Standard Bank’s expansion ambition adds to that competitive pressure. The Johannesburg-based lender already operates in Nigeria through Stanbic IBTC and is targeting opportunities in Nigeria, Ghana and Côte d’Ivoire as it seeks to grow its West African business. Its strategy centres on expanding its existing operations rather than entering Nigeria for the first time. The broader contest is therefore not simply about which banks enter new markets, but which institutions can capture corporate clients, finance trade and infrastructure, and connect African businesses to international capital. Olubunmi said the international banks’ entry could benefit the wider economy by introducing products and expertise while pushing domestic lenders to improve their services. “Competition will certainly become stronger. International companies entering Nigeria may naturally want to bank with institutions such as J.P. Morgan, given their global reach. But competition can encourage local banks to innovate, improve their services and strengthen their capabilities.” Related News Fitch revises Nigeria’s credit outlook to positive, reserves rise to $54.9bn Anonymous networks, paid creators could shape Nigeria’s 2027 campaign Regulator recovers 50 fallow fields, targets 500m barrels from new licences Share