Liberia’s Vice President, Jeremiah Kpan Koung, has said that Nigerians now own about half of Liberia’s commercial banks.
He said this during the 17th Annual Banking & Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
Koung, speaking to an audience of banking professionals and government officials, praised the role Nigerian banks play in Liberia’s economic landscape.
He emphasized that Nigerian investors have been instrumental in increasing market competition, boosting efficiency, and providing credit lines to support private sector growth.
The Liberia’s Vice President said: “We welcome and applaud the expansion of Nigerian-owned banks in Liberia. The presence and increase in Nigerian-owned businesses, especially banks, are helping to increase market competition and improve efficiency.
“These banks continue to play major roles in providing jobs and establishing credit lines to support the development of our private sector. Presently, there are four (4) Nigerian-owned banks operating in Liberia out of a total of eight (8) commercial banks. This is a clear sign that Nigerians remain interested in investing in Liberia, and as a government, our doors remain open to you.”
He expressed his government’s openness to further investment from Nigerian banks, noting their critical role in job creation and economic development.
Koung also touched on Liberia’s efforts to integrate into the West African Monetary Zone and the Economic Community of West African States (ECOWAS), with a vision to adopt a single currency regime.
He explained that the Central Bank of Liberia is working on a new monetary policy framework that will align with the region’s economic integration goals. However, Koung warned that achieving this vision will require collective economic responsibility from all member states, including managing debt and stabilizing exchange rates.
Koung said: “Currently, the Central Bank of Liberia is working on the monetary policy framework to meet the requirements for the West Africa Monetary Zone. As you may be aware, it is expected that Liberia, Ghana, Gambia, Guinea, Sierra Leone, and Nigeria will work towards the implementation of a single currency regime to achieve economic integration.
“This policy framework will lay the foundation for the realization of a common currency for all ECOWAS member states. However, to achieve this vision, we have a collective responsibility to make sound economic decisions to reduce our debts and stabilize our exchange rates.”
The vice president further emphasized the need for investment banks in Liberia, noting that the country’s only development bank, the Liberia Bank for Development and Investment (LBDI), lacks the capital necessary to finance the country’s ambitious economic transformation agenda.
As a result, Liberia has had to rely on multilateral development institutions like the African Development Bank and the World Bank to finance large-scale projects. Koung called for more investment in Liberia’s banking sector to address this gap.
In his closing remarks, Koung expressed optimism that the Abuja conference would inspire new policy directions to enhance the banking sectors in both Nigeria and Liberia.
He highlighted the potential for greater collaboration between the two countries, particularly in the areas of trade, investment, and financial services.
