50% of commercial banks in Liberia owned by Nigerians – Vice President Koung

The Vice President of Liberia, Jeremiah Koung has revealed that out of eight licensed commercial banks in his country, four are owned by Nigerians.

The Vice President disclosed in his remarks at the opening ceremony of the 17th Annual Banking and Finance Conference in Abuja organized by the Chartered Institute of Bankers of Nigeria, CIBN.

According to, him Nigerian banks have contributed immensely to the growth of Liberia’s banking sector and economy.

“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.

“These banks continue to play major roles in providing jobs and establishing credit lines to support the development of our private sector.

Advertisement

“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 stated.

On his part, the President of CIBN, Prof Pius Olarenwaju emphasized that the conference is not just a forum for discussion but a platform for actionable outcomes for the betterment of Nigeria’s banking sector and economy.

He said, “Our sector is at the heart of our economic engine providing much-needed funds for businesses to thrive”.

According to him, Nigeria’s banking sector had championed improving access to credit.

Central Bank of Nigeria, CBN, data showed that Net Credit to the Private Sector grew to N74.9 trillion in July 2024 from N46.3 trillion in the corresponding period last year.

Olarenwaju added that the ongoing bank recapitalization process in line with CBN will help strengthen the sector towards the $1 trillion Nigeria’s economy target.

This is as the Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, in his remark at the event, urged operators of Nigeria’s financial sector to key into the economic recovery policies of the current government.