Liberia’s Vice President, Jeremiah Kpan Koung, has praised Nigerian banks for their significant contributions to Liberia’s economic growth. Speaking at the 17th Annual Banking & Finance Conference in Abuja, Koung noted that Nigerian investors own four out of eight commercial banks in Liberia, increasing market competition and efficiency.
The four Nigerian-owned banks in Liberia are Ecobank Liberia Limited, United Bank for Africa Liberia Limited, Access Bank Liberia, and Guaranty Trust Bank Liberia. Koung emphasized the crucial role these banks play in providing jobs, credit lines, and supporting private sector growth.
Liberia’s government welcomes further investments from Nigerian banks, recognizing their importance in economic development. Koung also discussed Liberia’s efforts to integrate into the West African Monetary Zone and adopt a single currency regime, requiring collective economic responsibility from ECOWAS member states.
The Vice President highlighted the need for investment banks in Liberia to address the capital gap in financing the country’s economic transformation agenda. He expressed optimism about the potential for greater collaboration between Nigeria and Liberia in trade, investment, and financial services.