JP Morgan Boosts Nigerian Presence Amid Strong Growth Outlook
March 22 2012 - 1:38PM
Dow Jones News
J.P. Morgan Chase & Co. (JPM) is boosting its presence in
Nigeria as the bank seeks to take advantage of what it sees as
Africa's big growth story over the next decade, it said
Thursday.
The move will see J.P. Morgan, whose services in Nigeria include
investment banking advice, trading, structuring and risk management
capabilities, increase the size of its office in Nigeria to more
than 10 from fewer than five.
"Nigeria is one of the fastest-growing economies in the world,
and it is transitioning to a more diversified economy," said Tosin
Adewuyi, J.P. Morgan's senior country officer for Nigeria. "Nigeria
is going to be Africa's growth story for the next 15 to 20
years."
The International Monetary Fund forecasts that the Nigerian
economy will grow by 6.6% this year, outpacing the 5.8% average
growth rate across sub-Saharan Africa.
Renaissance Capital said this year that Nigeria, Africa's most
populous country and its third-largest economy, could surpass South
Africa as the continent's biggest economy in 2014.
However, there are risks behind the move. Increased violence
from an insurgency known as Boko Haram has left many dead in
bombings and changes to the country's fuel subsidies threatens to
hamper consumers' spending power.
Other international companies that are eyeing Nigeria's thriving
economy include McKinsey & Co., which opened an office in
Nigeria in 2010 having previously serviced the country out of
Johannesburg, and South African bank Nedbank Group Ltd. (NED.JO),
which said this year it is looking to increase its presence in
Nigeria.
-By Devon Maylie, Dow Jones Newswires; +27 11 783 7848
devon.maylie@dowjones.com
Nedbank (PK) (USOTC:NDBKY)
Historical Stock Chart
From Jul 2024 to Aug 2024
Nedbank (PK) (USOTC:NDBKY)
Historical Stock Chart
From Aug 2023 to Aug 2024