Nigerians Own Most Banks And Insurance Firms In Liberia

Written by Staff

From Story by Jerrywright Ukwu.

Nigeria continues to play a stabilizing role in African peace and economies, said Liberian Vice President Joseph Boakai.

Most of the banks and insurance firms in Liberia are owned by Nigerians, Boakai said during a visit to Alhaji Sa’ad Abubakar III, the Sultan of Sokoto in Northern Nigeria.

Nigeria was the first African country to come to Liberia’s aid to restore peace during the Liberian civil war.

Nigeria also showed love for Liberia during the Ebola outbreak which ravaged the country in 2015.

“Since independence and when we came into hostilities, Nigeria was the first African country to come to our rescue,” Boakai said. “During the Liberian civil war, the brave military men and women of Nigeria were the first to set their foot on the Liberian soil.”

In addition to most banks and insurance firms in Liberia being owned by Nigerians, many Nigerians lecturers and medical doctors are also in Liberia, Boakai said.

Four major blue-chip Nigerian companies recently lost millions in the first half of 2016 as the economy continues to dip.

South Africa has overtaken Nigeria as Africa’s biggest economy in dollar terms. The change in status of both countries was attributed to the appreciation of the rand and the devaluation of the naira.