Published: April 25, 2025
BUCHANAN — The National Oil Company of Liberia (NOCAL) on Wednesday launched a high-level, three-day strategic retreat in Buchanan, marking a pivotal step in the country’s pursuit of energy independence and sustainable development.
Held under the theme “Forging a Resilient Energy Future,” the retreat brings together key sector leaders, policymakers, and international partners to align Liberia’s hydrocarbon agenda with President Joseph Nyuma Boakai’s ARREST framework.
Acting CEO and President Fabian M. Lai opened the event with a strong call to action, declaring, “This is Liberia’s moment to transform its energy sector into a powerhouse of equitable growth.” He emphasized NOCAL’s commitment to translating the president’s vision into reality through hydrocarbon exploration, governance reform, and forging strategic partnerships.
Lai commended NOCAL Board Chairperson Cllr. Gloria M. Scott for her leadership and reaffirmed the critical role the oil and gas sector must play in Liberia’s broader development agenda. Cllr. Scott, in her remarks, stressed the necessity of transparency and public accountability. “Our oil and gas resources must directly benefit Liberians—through schools, hospitals, and infrastructure—not just government revenues,” she said.
The retreat is expected to yield concrete strategies to fast-track hydrocarbon exploration while balancing environmental protection and community interests. In addition, stakeholders are focused on optimizing the entire value chain—from extraction to distribution—ensuring the sector’s benefits are felt across Liberia.
Deliberations also center on strengthening governance by embedding transparency and global best practices in the sector. Participants emphasized that Liberia must attract ethical investment to avoid the pitfalls of corruption and mismanagement that have plagued other resource-rich countries.
One of the retreat’s key themes is the importance of forging regional partnerships. Stakeholders discussed enhancing collaboration with leading hydrocarbon nations such as Nigeria and Ghana through government-to-government agreements that would provide technical and commercial expertise to Liberia’s emerging energy sector.
In a pointed moment during the proceedings, Lai challenged attendees to confront tough questions about the country’s path forward. “How do we avoid the resource curse while ensuring wealth reaches every Liberian?” he asked. He also pressed for accountability on commitments like the 2 percent Community Development Fund and stressed the importance of gender-inclusive entrepreneurship in the energy space.
Representing President Boakai at the event, Minister of State Samuel Steve Stevquoah reaffirmed the government’s commitment to ensuring that every barrel of oil drilled contributes to tangible development outcomes. “Every barrel of oil must translate into roads, jobs, and clinics,” he stated. “NOCAL’s success is Liberia’s success.”
As the retreat continues, participants aim to shape policies that will position the hydrocarbon sector as a driving force behind Liberia’s industrialization and job creation goals. The discussions are expected to directly influence national energy strategies, ensuring that the country’s natural resources are harnessed for long-term, inclusive economic growth.
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