-As Government launches two Economic Advancement Initiatives…
By Geeplay Ezekiel Geeplay
Monrovia, Liberia, December 17, 2024- As part of the just ended Micro, Small, and Medium-sized Enterprises (MSME) Conference and Trade Fair in Monrovia, the Ministry of Commerce and Industry, through the office of the H.E. President Joseph N. Boakai, has launched two groundbreaking programs namely, Advancing Youth Entrepreneurship and Investment initiative, funded by the Youth Entrepreneurship Investment Bank (YEIB), and the SME Technical Assistance Program under the Liberian Investment, Finance, and Trade Project (LIFT-P), funded by the World Bank.
These initiatives are designed to empower Liberian entrepreneurs, particularly the youth, by equipping them with the resources and tools necessary to transform innovative ideas into thriving businesses. The SME program specifically targets small and medium enterprises, offering technical assistance and fostering an environment for growth and innovation.
The three-day event, which took place at the EJS Ministerial Complex in Congo Town from December 9-11, 2024, aims to invigorate Liberia’s entrepreneurial spirit, drive economic progress, and bolster innovation within the country’s dynamic business ecosystem.
Themed “Reducing Poverty and Inequality: Youth Innovation, Environmental Protection, Tourism, and Agricultural Productivity and Commercialization,” the conference has attracted government officials, business leaders, financial institutions, and international development partners.
Speaking on behalf of the President of Liberia, the Dean of the Cabinet, Nathaniel Kwarbo, emphasized the administration’s commitment to youth empowerment and economic transformation. “Through these initiatives, we are taking a giant step towards building a prosperous future for all,” he declared.
Kwarbo reaffirmed the government’s dedication to fostering an environment that nurtures innovation and sustainable growth. “Our aim is to support MSMEs and strengthen their presence both domestically and globally while actively attracting foreign direct investments that align with our development goals,” he stated.
Quoting the President, Mr. Kwarbo highlighted the administration’s ARREST Agenda, which focuses on Agriculture, Roads, Rule of Law, Education, Sanitation, Health, and Tourism. “This agenda is the foundation for a prosperous and inclusive Liberia. It reflects our dedication to justice, opportunity, and a clear path out of poverty for all citizens.”
He emphasized agriculture’s central role in Liberia’s economy, stating, “We are committed to modernizing agricultural practices, boosting productivity, and ensuring food security. By fostering innovation within agriculture and its commercialization, we aim to create sustainable jobs and lift communities out of poverty.”
The Acting Minister of Commerce and Industry, Madam Scholastica T. Nyenkan-Nimley lauded the MSME Conference as a flagship event of the Ministry of Commerce and Industry, noting its revival after a six-year hiatus. “We are proud to host the Sixth National MSME Conference 2024 in response to calls from MSMEs that have benefited from this platform in the past”.
Minister Nimely underscored the conference’s collaborative approach, made possible by public and private sector partnerships. “This year’s conference brings together over 700 participants, including MSME operators, policymakers, government officials, and international partners, to engage in discussions aimed at shaping policies for inclusive private sector growth,” she said.
Meanwhile the Acting Minister of Commerce and Industry emphasized the opportunities provided by the forum for entrepreneurs to showcase their businesses, share experiences, and forge partnerships to drive economic growth and job creation.
The CEO of Falama Incorporated, Madam Angie M. Howard delivered the MSME keynote address, stressing the pivotal role of small businesses in Liberia’s economic recovery. “Our MSMEs are not just the backbone of our economy; they are the lifeblood of our communities. By investing in these enterprises, we are investing in our future,” she asserted.
Howard urged the government to create an enabling environment for MSMEs through targeted policy reforms, expanded access to finance, and comprehensive capacity-building initiatives. “This conference provides a roadmap for MSME growth, but it is up to us to ensure its implementation,” she concluded.
Madam Georgia Wallen World Bank Country Manager to Liberia; highlighted agriculture’s transformative potential in her remarks. “Today, we celebrate the fruit of the land and the fruit of your labor,” she said, while acknowledging the sector’s significant contribution to employment and economic growth.
She emphasized agriculture’s effectiveness in poverty reduction, stating, “Growth from agriculture is at least twice as effective in reducing poverty as growth in other sectors. Liberia’s abundant natural resources, favorable climate, and rich potential are ripe for development.”
She pointed to the need for upgraded technologies, improved inputs, and human resource investment to maximize agricultural productivity. “Our cross-country analysis indicates that Liberia can achieve up to three times more productivity in agriculture with the right investments,” The World Bank Country Manager to Liberia said.
Looking ahead, she shared the World Bank Group’s plans to collaborate with Liberia on a new Country Partnership Framework, with agriculture and agro-value chains at its core. “This framework will drive inclusive growth, job creation, food security, and human development while addressing climate risks,” she concluded.
The MSME Conference and Trade Fair 2024 have set the stage for Liberia’s entrepreneurs to thrive, with government, private sector, and international stakeholders uniting to foster economic growth and innovation. As President Boakai’s administration advances its vision for an inclusive and prosperous Liberia, these programs mark a critical step in empowering the nation’s youth and MSMEs to shape the future.
Edited: Jesefu Morris Keita
