President George Weah of Liberia said yesterday that the estimated $5 million current trade volume between Nigeria and Liberia is too low considering the relationship of the two countries.
Speaking during a visit to President Muhammadu Buhari at the Presidential Villa in Abuja, Weah said Liberia’s economy was dwindling and needed the support of Nigeria’s private sector to remain afloat.
He also appealed to Nigerian banks in Liberia not to close shop “because of the dwindling economy as government plans to revamp the economy that would benefit investors.”
He said Liberia’s economic crisis was as a result of the fall in prices of the country’s major exports and unfavourable foreign exchange rate.
“There is a need to address the current volume of trade between our two countries, which is very low and does not exceed $5 million, by some estimates. Yet, the Liberian banking sector is dominated by Nigerian banks, and I am made to understand that their head offices in Nigeria may be considering reducing their support or even shutting them down because of the recent downturn in our economy.
If this is true, l urge them not to do so, as l am optimistic that trade and commerce will increase in the near future. “Your sustained technical assistance for capacity building in these sectors is most welcome.
For example, Nigerian teachers and medical volunteers to Liberia, under the Technical Aid Corps (TAC) Agreement with Liberia, have been very crucial in boosting capacity development in Liberia, and it is my hope that this assistance can be considerably increased to address with urgency our most pressing socioeconomic needs at this time,” he said.
