By Laurina B Lormia
President Joseph Boakai has called on members of the National Business League (NBL) to reaffirm their commitment to transforming their societies and communities in a way that promotes development and progress.
Speaking at the 124th National Black Business Conference on August 23, 2024, in Atlanta, Georgia, USA, President Boakai highlighted the importance of collaborative efforts between the government and the private sector in achieving sustainable growth.
According to him, Liberia is open for business and is committed to fostering a business-friendly environment to encourage investment across various sectors.
He stated that, his government recently launched what they have termed the ARREST Agenda, focusing on investment and development in agriculture, roads and infrastructure, the rule of law, education, health and sanitation, and tourism.
“Liberia offers substantial opportunities for purchasing land for development or agricultural purposes. With vast tracts of available land including arable land, investors can engage in land development projects that support both agricultural production and urban expansion,” he added.
“In the agriculture sector, Liberia’s fertile land and favorable climate offer vast opportunities for agricultural investments, particularly in rice production. Liberia imports a significant amount of its rice stock, creating a crucial need for local production and value addition in downstream processing,” he explained.
The Liberian leader said, “The government is committed to facilitating land acquisition processes to ensure that investments in land are secure and beneficial for all parties involved. Toll road construction offers enormous opportunities for long-term investment.”
He narrated that, the cultivation of cash crops like rubber, cocoa, coffee, and oil palm has remained a significant contributor to the growth of the agriculture sector.
In addition, he commented on the huge potential for the development of livestock and fishing remains unlocked and with a youth bulge accounting for about sixty percent of the population, and over sixty percent of the population in agriculture, investing in the sector holds great prospects.
“Liberia is the most forested country in West Africa, with approximately 69% of its land area—about 6.7 million hectares—covered by forests. These forests constitute at least 42% of the remaining forest cover in West Africa, positioning Liberia as a regional hub for biodiversity and environmental sustainability,” he stressed.
“The country’s forests are vital to its economy, including trade in timber and non-timber products, energy biomass, agriculture, fisheries, minerals and other resources. Liberia’s forest and land laws also offer significant investment opportunities in the carbon market and ecotourism.”
“Liberia is richly endowed with natural wealth. With the country boasting some of the world’s critical minerals, including gold and diamonds, the mining sector provides one of the best attractions for investment in the country. Mining has historically been a significant contributor to our economy, with large deposits of iron ore yet to be explored and exploited.”
President Boakai noted, “The prospects for oil and gas underscore the extent to which investment in the country’s natural wealth will unlock opportunities to partner with businesses like yours to create wealth and improve the livelihoods of Diaspora and African communities.”
He reiterated, “Liberia’s infrastructure development is critical to its economic growth strategy. The country has over 11,000 kilometers of unpaved roads, which presents both challenges and opportunities for investment.”
“There are significant opportunities for investment in Liberia’s real estate market, particularly in residential and commercial properties. The demand for housing and business spaces is growing, driven by urbanization and population growth,” he continued.
Liberia’s hospitality industry is poised for significant growth, with opportunities to invest in hotels, resorts, and eco-tourism ventures.
The country’s natural beauty and rich cultural heritage makes it an attractive destination for tourists. Liberia is known for its surfing spots, particularly in the western City of Robertsport, which has gained international recognition.
“Existing eco-resorts offer unique experiences but highlight the need for further development in this sector. Additionally, there is a demand for more hotels and resorts to accommodate the increasing number of visitors to the country,” he lamented.
He asserted that, as Liberia continues to modernize its economy, there is significant potential for investments in technology and digital infrastructure to support business growth and innovation.
He maintained, “The Government has initiated e-governance projects aimed at improving public service delivery, and there is a rising demand for business support technologies. According to recent data, Liberia’s internet penetration rate is around 18%, indicating substantial room for growth in the digital sector.”
“Its founding was a reflection of the hope and determination that African Americans and others in the Diaspora carried with them—a vision of freedom, opportunity, and a better future. This pioneering spirit laid the foundation for a nation built on principles of liberty and self-determination.”
“Among those whose legacy has profoundly shaped both Liberia and the broader African American experience is Booker T. Washington, the esteemed founder of this very conference and the progenitor of many of the groups and associations gathered here today.”
“Washington’s contributions transcend time and geography, creating a bridge between our histories and futures. His vision of education, economic empowerment, and self-reliance resonated deeply across the Atlantic, influencing many in Liberia who shared his dream of upliftment and progress,” he narrated.
“Booker T. Washington’s advocacy for vocational training and his belief in the power of hard work and enterprise led to the establishment of the famous Booker T. Washington Institute in Liberia in 1929. The Institute, the country’s first agricultural and vocational school, had and continues to impact the country’s economic and social development.”
His project in Liberia has inspired generations of Liberians to pursue education and business endeavors to improve livelihoods, sustain families, and build their communities.
He added that, his government recognize the importance of education and training in developing the skills necessary to support investment, entrepreneurship, and business management. “We are committed to strengthening partnerships with universities and vocational institutions to offer skills that align with the needs of our growing economy.”
Meanwhile, he extended his deepest gratitude to the organizers of the Conference, and all those who contributed to the success of the gathering. Adding that, together they can pave the way for a future where their shared dreams of prosperity and equality will continue to flourish.
