“Liberia Offers Unmatched Investment Opportunities: President Boakai told Black Business Leaders at Atlanta Conference”

By Julius T. Jaesen, II

Atlanta, Georgia – On August 23, 2024, President Joseph Nyuma Boakai of Liberia delivered a powerful keynote address at the 124th National Black Business Conference held in Atlanta, Georgia. Speaking to an audience of prominent business leaders, government officials, and members of the African Diaspora, President Boakai emphasized the deep historical connections between Liberia and African Americans, while urging participants to seize the vast investment opportunities in Liberia.

President Boakai began his address by acknowledging the shared heritage and enduring bonds between Liberia and African Americans, tracing Liberia’s origins to the American Colonization Society’s establishment of the nation in 1822 as a haven for freed African Americans. He highlighted Liberia’s founding as a testament to the determination of the African Diaspora, noting the country’s roots in a vision of freedom, opportunity, and self-determination.

A central theme of President Boakai’s speech was the enduring legacy of Booker T. Washington, the founder of the National Black Business Conference. Boakai praised Washington’s contributions to both Liberia and the broader African American experience, particularly through the establishment of the Booker T. Washington Institute in Liberia in 1929. The Institute, which remains the country’s premier agricultural and vocational school, has played a significant role in Liberia’s economic and social development, inspiring generations to pursue education and entrepreneurship.

“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,” Boakai remarked, setting the stage for his call to action.

President Boakai extended an invitation to black businesses to invest in Liberia, highlighting the country’s rich natural resources and favorable investment climate. He outlined Liberia’s “ARREST Agenda,” which prioritizes investment in agriculture, infrastructure, education, health, tourism, and the rule of law. Boakai emphasized that Liberia’s fertile land, abundant forests, and vast mineral wealth offer unparalleled opportunities for investors.

In agriculture, President Boakai underscored the critical need for increased local rice production, as Liberia currently imports a significant portion of its rice stock. He also pointed to the potential for investment in cash crops like rubber, cocoa, coffee, and oil palm, as well as the untapped potential in livestock and fishing.

Liberia’s forest resources, President Boakai noted, cover approximately 69% of the country’s land area and are vital to the economy. He highlighted opportunities in the carbon market and ecotourism, stressing Liberia’s position as a regional hub for biodiversity and environmental sustainability.

The mining sector, a traditional cornerstone of Liberia’s economy, also offers substantial investment potential. With untapped reserves of iron ore, gold, and diamonds, as well as prospects in oil and gas, Boakai invited investors to explore opportunities in these critical minerals and emphasized the importance of value addition in the sector.

President Boakai also addressed Liberia’s infrastructure needs, particularly in road development and energy production. He highlighted the significant gap between the country’s current energy supply and demand, urging investment in renewable energy projects, including solar, hydro, and biomass energy.

The President’s remarks extended to Liberia’s growing real estate market, the hospitality industry, and the burgeoning technology sector. He pointed to the demand for affordable housing and the need for technological advancements to support business growth and innovation.

“We recognize the importance of education and training in developing the skills necessary to support investment, entrepreneurship, and business management,” Boakai stated, reaffirming Liberia’s commitment to strengthening partnerships with universities and vocational institutions. He emphasized the need to enhance local training programs to reduce the reliance on imported labor, particularly in key industries like mining and agriculture.

President Boakai concluded his address with a powerful call to action, urging black business leaders to invest in Liberia and Africa, thereby investing in their heritage and future. He announced the upcoming Liberian Diaspora Conference in 2025, inviting the global Diaspora community to contribute to Liberia’s development.

“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,” Boakai concluded. “Together, we pave the way for a future where our shared dreams of prosperity and equality will continue to flourish.”

The President’s speech was met with widespread acclaim from conference participants, who lauded his vision for Liberia’s future and the strong ties between Africa and the African Diaspora. The 124th National Black Business Conference continues to be a pivotal platform for fostering collaboration and promoting economic empowerment among black communities globally.