At a recent 124th National Black Business Conference in Atlanta, Georgia, USA, President Joseph Nyuma Boakai made a powerful appeal to global Black business leaders, urging them to explore and invest in the vast opportunities available in Liberia.
Boakai, addressing a distinguished audience of entrepreneurs, visionaries, and leaders, highlighted the shared history between Liberia and the African Diaspora and outlined the economic potential that Liberia offers in various sectors.
"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," President Boakai began, setting the tone for a speech that would emphasize both the historical ties between Liberia and the African American community and the future opportunities that lie ahead. "I am deeply moved by the spirit of common 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."'
Boakai, in his eloquent and compelling keynote address, recounted Liberia's unique history, emphasizing its origins as a haven for freed African Americans.
"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," the Liberian leader stated.
He noted that Liberia's founding was deeply rooted in the "hope and determination that African Americans and others in the Diaspora carried with them--a vision of freedom, opportunity, and a better future."
He further paid homage to Booker T. Washington, the esteemed founder of the National Black Business Conference, highlighting Washington's significant impact on Liberia. "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," Boakai remarked.
Boakai underscored how Washington's vision of education, economic empowerment, and self-reliance resonated deeply across the Atlantic, influencing generations of Liberians to pursue education and business endeavors.
Transitioning to Liberia's present-day economic landscape, President Boakai extended a warm invitation to the global Black business community to invest in Liberia, emphasizing the government's commitment to fostering a business-friendly environment.
"Liberia is open for business and committed to fostering a business-friendly environment to encourage investment across various sectors," Boakai declared.
He introduced the government's ARREST Agenda, which focuses on key areas such as agriculture, roads and infrastructure, the rule of law, education, health and sanitation, and tourism.
"While these are not exhaustive of the range of critical interventions to spur economic growth, we believe they drive such growth and development," he added.
Boakai went on to highlight specific sectors with significant investment potential, starting with agriculture. "Liberia's fertile land and favorable climate offer vast opportunities for agricultural investments, particularly in rice production," he noted, pointing out the country's reliance on rice imports and the critical need for local production.
He also mentioned the potential in cultivating cash crops like rubber, cocoa, coffee, and oil palm, and emphasized the untapped opportunities in livestock and fishing.
Discussing Liberia's rich natural resources, Boakai stated, "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 highlighted the investment opportunities in the carbon market and ecotourism, as well as in the mining sector, which boasts deposits of gold, diamonds, and iron ore. "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," Boakai added.
Infrastructure development, particularly in roads and energy, was another key focus of Boakai's address. "Liberia has over 11,000 kilometers of unpaved roads, which presents both challenges and opportunities for investment," he explained, emphasizing the government's efforts to finance road infrastructure through EPC (Engineering, Procurement, and Construction) contracts combined with long-term financing mechanisms.
On energy, Boakai highlighted the urgent need for investment in sustainable energy solutions. "Liberia's current energy demand far exceeds its capacity, with only about 20% of the population having access to electricity," he stated, pointing out the significant gap between supply and demand. "We are exploring investments in solar, hydro, and biomass energy projects to meet our growing energy needs," he added.
Boakai also identified opportunities in Liberia's real estate and hospitality industries. "There are significant opportunities for investment in Liberia's real estate market, particularly in residential and commercial properties," he said, noting the growing demand for housing and business spaces driven by urbanization and population growth.
He also pointed to the potential in Liberia's hospitality industry, highlighting the country's natural beauty and cultural heritage as attractive factors for eco-tourism and resort investments.
In the realm of technology, Boakai emphasized the importance of digital infrastructure in supporting business growth and innovation. "As Liberia continues to modernize its economy, there is significant potential for investments in technology and digital infrastructure," he remarked, citing the government's e-governance projects and the substantial room for growth in the digital sector, given the current internet penetration rate of around 18%.
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Recognizing the crucial role of education and training in supporting economic development, Boakai reiterated the government's commitment to strengthening partnerships with universities and vocational institutions.
"Liberia's Technical and Vocational Education and Training (TVET) policy aims to address the gap by providing relevant skills training through technical schools such as the Booker T. Washington Institute," he stated, stressing the need to reduce the reliance on imported skilled labor by enhancing local training programs.
In his closing remarks, the Liberian leader issued a heartfelt call to action, urging the global Black business community to take bold steps in investing in Liberia and Africa. "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," he declared. "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."
As the conference concluded, President Boakai extended an invitation to the first Liberian Diaspora Conference to be held in 2025, aimed at exploring how the Diaspora community can contribute to the development of Liberia. "Together, we pave the way for a future where our shared dreams of prosperity and equality will continue to flourish," Boakai concluded, leaving the audience with a powerful message of unity, progress, and shared destiny.
