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JPMorgan Chase has taken an important regulatory step towards establishing a merchant banking operation in Nigeria, although the proposed institution must satisfy outstanding requirements before commencing business.
Developing countries are facing increasing financial pressure as debt repayments compete with spending on healthcare, education and infrastructure. G24 officials are urging international financial institutions to expand access to affordable financing and strengthen support for vulnerable economies.
Nigeria’s oil and gas industry is a major part of the country’s economy, contributing to exports, government revenue, employment, and industrial development. With significant crude oil and natural gas reserves, Nigeria has opportunities for growth, although the sector continues to face challenges such as infrastructure problems, oil theft, environmental concerns, and changing global energy demands.