Liberia’s Vice President, Jeremiah Kpan Koung, has revealed that Nigerians now own four out of eight commercial banks in Liberia.
Koung made this statement during the 17th Annual Banking and Finance Conference in Abuja, organized by the Chartered Institute of Bankers of Nigeria (CIBN). His remarks came as part of a broader discussion on the role of Nigerian banks in Liberia’s economic growth.
The Vice President praised Nigerian investors for their contributions to Liberia’s financial sector. He emphasized that the entry of Nigerian-owned banks has increased competition, improved efficiency, and provided much-needed credit to Liberia’s private sector.
“We welcome and applaud the expansion of Nigerian-owned banks in Liberia,” Koung stated during his address. “The presence and growth of these banks have contributed significantly to market competition and operational efficiency.”
He further noted that these Nigerian banks are creating jobs for Liberians and helping to provide credit to businesses. He mentioned that the four Nigerian-owned banks – Ecobank Liberia, United Bank for Africa (UBA) Liberia, Access Bank Liberia, and Guaranty Trust Bank Liberia – are playing pivotal roles in the country’s economic development.
Koung used the opportunity to highlight his government’s openness to further investments from Nigerian banks. He expressed optimism about the positive role these institutions play, especially in job creation and economic development.
He said that Liberia remains committed to working with Nigerian investors, especially in the banking sector. According to him, the government welcomes more investment that would contribute to the nation’s economic transformation.
“Presently, there are four Nigerian-owned banks operating in Liberia out of a total of eight commercial banks. This is a clear sign that Nigerians are deeply interested in investing in Liberia, and our government will continue to open its doors to you,” Koung added.
Koung stressed that Nigerian investors had become essential partners in Liberia’s journey toward a more robust financial system. This partnership, according to him, is critical for sustainable economic growth in the country.
The Liberian Vice President also spoke about Liberia’s ongoing efforts to align with regional economic goals. He highlighted the country’s participation in the West African Monetary Zone (WAMZ) and its ambitions to adopt the proposed single currency for Economic Community of West African States (ECOWAS) members.
He explained that Liberia’s Central Bank is working on a new monetary policy framework to meet the requirements of the West African Monetary Zone. This effort is part of the larger vision of ECOWAS, which aims to create a single currency for its member states, including Liberia, Ghana, Gambia, Guinea, Sierra Leone, and Nigeria.
“Currently, the Central Bank of Liberia is working on a monetary policy framework to meet the requirements for the West African Monetary Zone,” Koung said. He further explained that achieving this vision requires collective responsibility, particularly in managing debts and stabilising exchange rates across member countries.
“The framework will lay the foundation for a common currency among ECOWAS member states,” Koung added. However, he emphasized that each country must take sound economic steps to reduce national debt and maintain stable currency values to make the single currency dream a reality.
Koung also addressed the need for more investment banks in Liberia. He pointed out that Liberia’s sole development bank, the Liberia Bank for Development and Investment (LBDI), lacks the financial capacity to fund large-scale projects that are essential for the country’s economic transformation.
As a result, Liberia has had to rely heavily on multilateral development institutions such as the African Development Bank and the World Bank to finance major infrastructure and development projects.
According to Koung, this dependency poses challenges for Liberia’s ability to drive its economic agenda. He called for more investments in the banking sector, particularly in the form of investment banks, to address this gap.
“We need investment banks in Liberia,” he said. “Our current reliance on international development institutions like the African Development Bank and the World Bank underscores the need for capital-rich institutions within our borders.”
Koung believes that more investment banks would help Liberia achieve its ambitious economic goals, reduce its dependency on external funding, and accelerate the country’s growth.
