MONROVIA, LIBERIA October 28, 2026.
Liberian President Joseph Nyuma Boakai has called for increased investment in the country’s mining and energy sectors, saying natural resources must generate lasting economic benefits for citizens.
Speaking at the opening ceremony of the Liberia International Mining and Energy Conference and Expo, LIMEC 2026, in Harbel, Margibi County, President Boakai said his government was committed to responsible investment, domestic processing, and sustainable economic development.
The President said Liberia possessed significant mineral resources, including iron ore, gold, diamonds, critical minerals, and rare earth elements, alongside considerable potential for hydropower and solar energy.
He stressed that the country must move beyond exporting raw materials and importing finished products, arguing that mineral resources should support industrial development, infrastructure, technology transfer, and job creation.
President Boakai said mining expanded by 17 per cent, while the sector contributed 18.4 per cent of real Gross Domestic Product in 2025, with a projected contribution of 19.4 per cent in 2026.
He also disclosed that mining contributed approximately 124 million US dollars directly to national revenue in 2024, while the sector has contributed 432 million dollars to domestic revenue to date.
The President said the figures supported the government’s ambition to increase domestic revenue to 1.1 billion dollars this year, compared with 699 million dollars in 2024.
Mining Sector Reforms
President Boakai announced several initiatives aimed at strengthening governance and increasing national benefits from mining.
These include the establishment of the National Mining Company of Liberia, which he said would allow the government to participate more actively in the sector through equity and strategic ownership.
He also announced plans to establish Liberia’s first gold processing facility within two years, with the government seeking to ensure that rew gold extracted undergoes primary and secondary refining at licensed domestic facilities before export.
The President further disclosed that the government had authorized the creation of a Liberia Sovereign Wealth Fund.
The fund, which is expected to operate independently and in line with international principles, would also see investment of accumulated and mineral revenues in domestic and international assets to support long-term financial security.
President Boakai further announced plans for a 30-million-dollar airborne geophysics data collection programme under the Millennium Challenge Corporation compact, aimed at improving geological information and attracting new mining investments.
Energy Sector Development
Turning to the energy sector, President Boakai said unreliable and expensive electricity remained a major constraint to businesses, industrial growth, and public services.
He said the government was pursuing renewable energy, improved electricity transmission and distribution, regional power integration, and increased private-sector participation.
The President highlighted plans to expand solar generation capacity from 20 to 30 megawatts, install a 12-megawatt battery energy storage system, and make further improvements to the Mount Coffee hydroelectric facility.
He said Liberia was targeting a 75 per cent renewable energy share in its electricity generation mix while expanding access and improving reliability.
President Boakai reaffirmed the government’s commitment to advancing additional hydropower projects, including the proposed Saint Paul River development.
He said the projects would require careful consideration of financing, environmental impacts, water-resource management, and long-term operational costs.
Call for International Partnerships.
The Liberian leader called on international mining and energy companies, investors, financiers, and technical experts to explore opportunities in the country.
He said Liberia welcomed partnerships in mineral exploration, renewable energy, hydropower, electricity infrastructure, local processing, and skills development.
President Boakai emphasized that investments must respect the country’s laws, protect the environment, empower local communities, and deliver lasting benefits to citizens.
He said LIMEC 2026 should mark a turning point in Liberia’s efforts to transform its natural resources into sustainable national wealth.
The President reaffirmed his administration’s commitment to building a stronger, more resilient, and prosperous Liberia by 2030 and beyond.
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