MONROVIA, LIBERIA — President Joseph Nyuma Boakai has called for increased investment in Liberia’s mining and energy sectors, urging the country to maximize the economic value of its natural resources through domestic processing, industrial development and job creation.
Speaking at the opening of the Liberia International Mining and Energy Conference and Expo (LIMEC 2026) in Harbel, Margibi County, President Boakai said his administration was pursuing reforms to attract investors while ensuring that resource extraction delivers sustainable benefits for Liberians.
He cited Liberia’s deposits of iron ore, gold, diamonds, critical minerals and rare earth elements, as well as its potential for hydropower and solar energy, as opportunities to accelerate economic growth.
The President argued that Liberia must reduce its dependence on exporting raw materials and importing finished products, stressing that local processing could strengthen industrial capacity, create employment and facilitate technology transfer.
Mining Sector Drives Revenue Growth
President Boakai reported that the mining sector grew by 17 percent in 2025 and accounted for 18.4 percent of real gross domestic product. Its contribution is projected to reach 19.4 percent in 2026.
He said mining generated approximately US$124 million in direct government revenue in 2024, while the sector’s contribution to domestic revenue has since reached US$432 million.
The figures, he noted, support the government’s target of raising domestic revenue to US$1.1 billion in 2026, up from US$699 million in 2024.
New Measures Target Mining Reforms
The President outlined several initiatives intended to strengthen state participation in the mining industry and increase the country’s long-term returns from natural resources.
Among them is the proposed establishment of the National Mining Company of Liberia, which he said would enable the government to participate more actively in the sector through equity holdings and strategic ownership.
He also announced plans to establish Liberia’s first gold processing facility within two years. Under the proposed policy, gold extracted locally would undergo primary and secondary refining at licensed domestic facilities before export.
Additionally, Boakai disclosed that the government had authorized the creation of a Liberia Sovereign Wealth Fund. The proposed fund is expected to operate independently under international principles, investing a portion of mineral revenues in domestic and international assets to support long-term financial stability.
The administration also plans to undertake a US$30 million airborne geophysics data collection programme through the Millennium Challenge Corporation compact. The initiative is intended to improve geological information and help attract new exploration and mining investments.
Government Targets Expanded Renewable Energy
Addressing Liberia’s electricity challenges, Boakai said high costs and unreliable power supply continued to constrain businesses, industrial expansion and public services.
He said the government was prioritizing renewable energy development, improvements to transmission and distribution networks, regional electricity integration and greater private-sector participation.
Plans include increasing solar generation capacity from 20 megawatts to 30 megawatts, installing a 12-megawatt battery energy storage system and undertaking further improvements at the Mount Coffee Hydroelectric Facility.
The government is also targeting a 75 percent renewable energy share in the country’s electricity generation mix, alongside efforts to expand access and improve reliability.
Boakai reaffirmed his administration’s interest in advancing additional hydropower projects, including the proposed development along the Saint Paul River. He acknowledged that such projects would require careful assessment of financing, environmental protection, water management and long-term operating costs.
President Seeks International Partnerships
The President called on international mining companies, energy developers, investors, financial institutions and technical experts to explore opportunities in Liberia.
He identified mineral exploration, local processing, renewable energy, hydropower, electricity infrastructure and workforce development as areas where partnerships could support national growth.
However, he stressed that investors must comply with Liberian laws, safeguard the environment, respect local communities and ensure that projects produce tangible benefits for citizens.
Boakai said LIMEC 2026 should help advance Liberia’s transition from resource extraction toward sustainable wealth creation, industrial growth and broader economic opportunities.
He reaffirmed his administration’s commitment to building a more resilient and prosperous economy by 2030 and beyond.
