The Central Bank of Nigeria has given JPMorgan an approval-in-principle to start a merchant bank. This preliminary step allows the American financial giant to begin the setup process. Once fully licensed, the bank will expand its operations within the Nigerian market. This move suggests a growing interest from global firms in the local economy. JPMorgan will now work to meet the final regulatory requirements. The CBN believes this will increase competition in the banking sector. It also brings more international capital into the country.