Keynote Address By His Excellency Joseph Nyuma Boakai, Sr. to the 124th National Black Business Conference Held in Atlanta, Georgia, United States of America.
Friday, August 23, 2024
Dr. Kenneth Harris President/CEO and Members of the National Business League;
Mayor Jimmie Gardner, the Board, and Members of the World Conference of Mayors;
Mr. Larry D. Ivory and Board Members of the National Black Chambers of Commerce;
Members of the National Alliance for Black Business;
Ms. British Robinson, Coordinator of Prosper Africa;
Conference participants;
Distinguished Guests;
Ladies and Gentlemen:
I bring you warm greetings from the motherland!
It is an honor and a profound privilege to be invited to speak to this august assembly. As President of Liberia(Africa’s first independent republic) I am proud to be amidst this distinguished pan-African assembly of visionaries, entrepreneurs, and leaders who have gathered for the 124th National Black Business Conference. I am deeply moved by the spirit ofcommon purpose and progress that has brought you to Atlanta—a city renowned for its rich black heritage and a great example of Black excellence. As they say here: “Atlanta- where you belong.”
Distinguished ladies and gentlemen, I see this conference as not just a gathering to promote black business enterprise, but also a celebration of the enduring legacy of the shared journey of the people of the continent with those in the African Diaspora, and the profound impact this journey has had on our mutual aspirations for progress and prosperity.
Our participation at this wonderful gathering is evidence of the remarkable ties that link us across the Atlantic—from the shores of West Africa to the United States, the Caribbean, and the rest of the Americas, asLiberia’s history is woven with that of African Americans and people of African descent in this region.
Liberia’s story is a testament to the unwavering determination of the people of the African Diaspora. Founded in 1822 by the American Colonization Society, Liberia was envisioned as a haven for freed African Americans seeking a new beginning in their ancestral homeland. 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 heretoday. 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.
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.
The African diaspora has shown incredible resilience and innovation, building thriving businesses and creating opportunities across the globe. The connections between our communities are stronger than ever, and together, we have the power to drive further progress and achieve greater heights.
And Liberia, with its natural wealth, offers some of the best opportunities for investors including black businesses represented at this conference to leverage.
Liberia is open for business and committed to fostering a business-friendly environment to encourageinvestment across various sectors. Our government recently launched what we have termed the ARREST Agenda, focusing on investment and development inagriculture, roads and infrastructure, the rule of law, education, health and sanitation, and tourism. Whilethese are not exhaustive of the range of critical interventions to spur economic growth, we believe they drive such growth and development.
Ladies and Gentlemen,
With your indulgence, permit me to highlight a few sectors offering huge investment potential in Liberia.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.
Similarly, 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, the huge potential for the development of livestock and fishing remains unlocked. 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. 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 sectorprovides 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.
In addition, the prospects for oil and gas underscore the extent to which investment in our natural wealth will unlock opportunities to partner with businesses like yours to create wealth and improve the livelihoods of Diasporan and African communities. There is a growing emphasis on value addition to the exploitation of minerals such as steel production and gold processing to maximize the economic benefits. The potential for further exploration and development in the mining sector remains vast, offering attractive opportunities for investors. I, therefore, encourage you to seriously look into investing in our natural resources.
Liberia’s infrastructure development is critical to itseconomic growth strategy. The country has over 11,000 kilometers of unpaved roads, which presents both challenges and opportunities for investment. The Government is seeking to finance road infrastructure through EPC (Engineering, Procurement, and Construction) contracts combined with long-term financing mechanisms. These efforts are crucial as road infrastructure lays the foundation for sustained economic growth by improving access to markets, reducing transportation costs, and enhancing the overall business environment.
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. However, there is a notable lack of affordable housing and mortgage financing, which are essential to promote broader access to homeownership. Government employees, in particular, have expressed readiness to participate in mortgage programs once financing becomes available. Expanding access to affordable housing could play a vital role in improving living standards and stimulating economic activity.
Infrastructure needs for energy production cannot be overemphasized. With increasing demand for sustainable energy solutions, Liberia is exploring investments in solar, hydro, and biomass energy projects to meet its growing energy needs. Liberia’s current energy demand far exceeds its capacity, with only about 20% of the population having access to electricity.
The country’s installed capacity currently stands at approximately 126 Mega Watt, while the demand is estimated to be over 500 Mega Watt. This significant gap between supply and demand highlights the urgent need for investment in expanding renewable energy sources to ensure that more Liberians have reliable access to electricity and to support industry including manufacturing for economic growth.
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.
As Liberia continues to modernize its economy, there is significant potential for investments in technology and digital infrastructure to support business growth and innovation.
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.
Distinguished Guests, Ladies and Gentlemen,
We 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.
Currently, many concessionaires import skilled labor, which underscores the need for enhanced local training programs. Liberia’s Technical and Vocational Education and Training (TVET) policy aims to address this gap by providing relevant skills training through technical schools such as the Booker T. Washington Institute, which prepares Liberian youths for employment in key industries, thereby reducing the need for imported labor.
While we make the case to invest in Liberia, we strive to create a business-friendly environment that fosters innovation and growth, we are committed to attracting and supporting foreign investment that aligns with our developmental goals. Our focus on enhancing commerce trade and industrial development is designed to be inclusive sustainable and beneficial to all, making Liberia a key player on the global stage.
Liberia offers a range of financial incentives designed to attract and support foreign investment. These include tax breaks, land facilitation, and other incentives tailored to various industries. We are committed to assisting investors in navigating our regulatory processes and ensuring a smooth investment journey. The incentives are structured to be both short-term (three years) and long-term (up to ten years), depending on the investment size, location, and industry.
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.
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.
Distinguished Ladies and Gentlemen,
The journey of Liberia and African Americans is a story of a common aspiration— one directed by the determination to be free and take charge of one’s destiny. As we deliberate and engage each other at the 124th National Black Business Conference, let us reaffirm our commitment to transforming our societies and communities in ways that promote development and progress.
I challenge you to take advantage of the huge potential Liberia and Africa offer by taking the bold step to invest in the motherland. By doing so, you invest in your heritage and your future.
In closing, I extend my deepest gratitude to the organizers of this Conference, to each of you who have come to participate, and to all those who have contributed to the success of this remarkable gathering.
Together, we pave the way for a future where our shared dreams of prosperity and equality will continue to flourish. As we end this Conference, it is my honor to invite you to the first Liberian Diaspora conference to be held in 2025 on how the Diaspora community may contribute to the development of Liberia.
Thank you and may God bless the work of our hands
