Liberia’s 26th President, Joseph N. Boakai has outlined several sectors that have huge potential investment.
The Liberian Leader made the case when he presented a keynote address at the 124th National Black Business Conference Held in Atlanta, Georgia, U.S.
President Joseph Boakai said in the agriculture sector, Liberia’s fertile land and favorable climate offer vast opportunities for agricultural investments, particularly in rice production.
According to him, Liberia imports a significant amount of its rice stock, creating a crucial need for local production and value addition in downstream processing.
President Boakai said 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 Liberian Leader said the huge potential for the development of livestock and fishing remains unlocked.
He indicated that 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.”, President Boakai stated.
He outlined that Liberia’s forests are vital to its economy, including trade in timber and non-timber products, energy (biomass), agriculture, fisheries, minerals, and other resources.
According to him, Liberia’s forest and land laws also offer significant investment opportunities in the carbon market and ecotourism.
The president touched Liberia’s richly endowed natural wealth, adding that the country can boast of 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.”
He added 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.
The President said 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.” President Boakai made a frank call.
Highlighting how critical Liberia’s infrastructure development is to its economic growth strategy, President Joseph Boakai said 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.”
He stated: “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”.
The president, however, indicated 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”.
He pointed infrastructure needs for energy production cannot be overemphasized, stressing that 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.”
Boakai said 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.
He underscored Liberia’s hospitality industry, something he believes 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 make 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.”
He claimed that existing eco-resorts offer unique experiences but highlight the need for further development in this sector.
President Boakai mentioned that there is a demand for more hotels and resorts to accommodate the increasing number of visitors to the country.
