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Saturday, February 15, 2025

How Nigerians Helping to Increase Market Competition In Liberia

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Liberian Vice President Jeremiah Koung has praised the growing presence of Nigerian-owned banks in  the  country, stating that they have contributed immensely to the growth of Liberia’s banking sector and economy.

Speaking at the opening ceremony of the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Koung revealed that out of the eight licensed commercial banks in Liberia, four are owned by Nigerians.

“We welcome and applaud the expansion of Nigerian-owned banks in Liberia,” Koung said.

“The presence and increase in Nigerian-owned businesses, especially banks, are helping to increase market competition and improve efficiency.”

According to the Vice President, these Nigerian-owned banks continue to play a major role in providing jobs and establishing credit lines to support the development of Liberia’s 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,” Koung stated.

CIBN President, Prof. Pius Olarenwaju, said the conference is not just a forum for discussion but a platform for actionable outcomes that will benefit Nigeria’s banking sector and the broader economy.

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