MONROVIA – The Government of Liberia, through the Ministry of Commerce and Industry, on Tuesday, launched a two-day Micro, Small, and Medium-sized Enterprises (MSMEs) Trade Fair 2024.
Speaking on behalf of President Joseph N. Boakai, the Director of the Cabinet, Mr. Nathaniel Kwapo, assured the government’s commitment to sustainable commerce and industrial growth, aiming to position Liberia as a significant player in the global market.
Mr. Kwapo highlighted the government’s focus on the ARREST agenda, which prioritizes Agriculture, Roads, Rule of Law, Education, Sanitation, Health, and Tourism. Recently endorsed by the National Steering Committee, this agenda forms the foundation for a prosperous and inclusive Liberia.
Addressing participants at the event, the Director of the Cabinet underscored the administration’s dedication to fostering a just society with opportunities for all citizens, emphasizing that poverty alleviation remains a critical goal.
Acting Minister of Commerce and Industry, Hon. Scholastica Tenneh Nyenkan-Nimely, noted that Liberia has long struggled with poverty and inequality, but the solution lies within the resilience of its entrepreneurs and communities.
“MSMEs are the backbone of our economy, providing essential jobs, contributing to the local economy, and fostering the entrepreneurial spirit that will drive Liberia’s future,” she said.
She stressed that in a country where approximately 60% of the population lives below the poverty line, empowering MSMEs is critical to lifting families out of poverty. However, this requires practical support, including access to capital, technology, training, and mentorship, as well as reducing bureaucratic hurdles to allow businesses to thrive.
Hon. Nyenkan-Nimely was keen on the importance of fostering a culture of entrepreneurship, particularly among youth, as a means of bridging the gap between opportunities and realities. She said that empowering MSMEs would lead to a more diversified economy, reduce reliance on imports, and increase local production of goods and services.
Foreign Direct Investment and MSMEs
The Acting Minister emphasized the critical role of Foreign Direct Investment (FDI) in supporting MSMEs. She explained that FDI brings not only capital but also knowledge, technology, and expertise that can elevate local businesses to global standards. Collaborative partnerships between MSMEs and foreign investors were identified as essential to mechanizing production and creating market linkages.
Commercialization of Agriculture
Hon. Nyenkan-Nimely also called for the commercialization of agriculture as a transformative opportunity to drive economic growth and reduce poverty. She urged the government to invest in modern farming techniques, agri-processing, and infrastructure to strengthen Liberia’s agricultural value chain and make the sector globally competitive.
She stressed the need to address barriers such as access to finance, technology, and market linkages. Building better road networks, storage facilities, and processing plants were identified as key steps to reducing post-harvest losses and improving the supply chain.
Supporting Cassava Flour Blending
Advocating for a cassava flour blending policy, Hon. Nyenkan-Nimely said such an initiative would boost incomes for cassava farmers and processors. She urged stakeholders, including the President, Ministries of Agriculture and Commerce, the Legislature, and development partners, to support a 10% cassava flour blend policy as a starting point, following examples set by Nigeria and Ghana.
The Acting Minister further called for investment in education, mentorship, and access to finance to support youth-led businesses in technology and creative industries.
She emphasized environmental sustainability, urging MSMEs to adopt energy-efficient technologies, renewable energy, and sustainable business practices. Modern farming practices, such as crop rotation and efficient water management, were highlighted as essential for resilience against climate change.
Hon. Nyenkan-Nimely addressed the need to formalize the informal sector, which constitutes 42.7% of Liberia’s economy, according to World Economics. Formalization would open opportunities for growth, access to finance, and government contracts, while positioning businesses for long-term success.
The 2024 National MSME Conference, held under the theme: “Reducing Poverty and Inequality through Youth Innovation, Environmental Protection, Tourism, and Agricultural Productivity and Commercialization,” brought together local and international partners to discuss collaborative strategies for economic development.
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