Dapo Olagunju, managing director of J.P. Morgan West Africa, says the Central Bank of Nigeria’s (CBN) professional regulation and the economic reforms introduced over the past three to four years influenced the US-based bank’s decision to expand its presence in Nigeria.
Gatekeepers News reports that Olagunju said the reforms had helped reshape the country’s investment environment and signalled a shift comparable to an earlier major transformation in Nigeria’s political and economic landscape.
He spoke on Tuesday during a panel discussion on attracting investment to Nigeria at the 32nd Nigerian Economic Summit in Abuja.
“J.P. Morgan coming in at this time also signifies that the impact of the reform that has been put in place in the last three or four years is almost at the same level” as a previous major shift in Nigeria’s political and economic environment, he said.
His comments come as the bank moves to establish a merchant banking business in Nigeria following the CBN’s approval-in-principle on October 23.
The proposed institution, JPMorgan Merchant Bank Nigeria Limited, is expected to obtain a final banking licence before commencing operations.
Olagunju said the bank was backing its positive assessment of Nigeria with concrete investment commitments, declaring that it was “putting our money where our mouth is”.
He also commended the quality of banking regulation in the country, describing the CBN as “very well professionally run”.
Chevron Seeks Stable Laws, Better Investment Conditions
Also speaking at the summit, Jim Swartz, chairman and managing director of Chevron Nigeria and Mid-Africa, said Nigeria’s investment climate had improved following the enactment of the Petroleum Industry Act (PIA) and presidential directives aimed at attracting investment.
Swartz said Chevron was pursuing drilling programmes in its shallow-water assets and participating in major oil projects, while preparing to drill additional wells in its Agbami deepwater field.
However, he stressed the need for the government to translate investment-friendly policies into durable legislation to provide certainty for companies undertaking long-term projects.
“Our investments are not only for the near term… but multi-decade investments, and so knowing that you will have long-term support in the laws is very important,” he said.
Swartz identified security in oil-producing communities and competitive operating costs as other critical factors for sustaining investment in the oil and gas industry.
He said improved security conditions in the Niger Delta had helped address operational challenges and reduce losses associated with oil theft, which he described as a longstanding obstacle to the sector.
The Chevron executive also emphasised the need for Nigerian contractors to maintain globally competitive standards.
According to him, Chevron spent an average of about $1 billion annually with local contractors over the past five years.
Telecom Operators Seek More Infrastructure Investment
Meanwhile, Gbenga Adebayo, chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), called for increased investment in telecommunications infrastructure to meet growing demand for data and digital services.
Adebayo said rising consumption of digital services was putting pressure on existing networks, requiring operators to expand capacity, deploy more fibre-optic infrastructure and replace ageing equipment.
He also urged the government to maintain consistent policies and strengthen the protection of telecommunications infrastructure, citing damage to fibre-optic cables during road construction and other activities.
According to him, additional investment is necessary to extend reliable connectivity beyond major urban centres and address persistent gaps in network coverage and access.
Adebayo further said the sector would need more skilled workers as businesses increasingly adopt artificial intelligence and demand for digital services continues to grow.
Digital Economy Bill May Be Passed Before Year-End
Afolabi Salisu, chairman of the Senate Committee on ICT and Cybersecurity, disclosed that the proposed national digital economy and e-government bill had reached its third reading and could be passed before the end of the year.
He said the legislation was designed to establish a legal framework for digital transactions and encourage government agencies to digitise their operations.
Salisu also highlighted plans to deploy a 90,000-kilometre fibre-optic network to improve connectivity across the country.
The proposed network is expected to expand access to digital services nationwide, including in underserved areas where commercial returns may be insufficient to attract private-sector investment.
