Liberia: Overview & Impact

Despite numerous challenges, Liberia is rich with market development opportunities. In recent years, private investment has increased considerably with billions in concession agreements completed or underway in the mineral, petroleum, rubber, timber, and palm oil sectors. There is tremendous potential for this investment to promote wider private sector growth through local sourcing. Several multinational corporations are already exploring ways to increase their local procurement. While the international aid community continues to play a significant role in Liberia’s development, it could increase its impact by supporting and engaging local entrepreneurs.

• Building Markets Liberia opened its first office in Monrovia in September 2011. The full suite of services launched in 2012.
• The team helped local businesses win 55 contracts worth $5,447,378.
• The team has registered 2,054 local businesses, including 700 that are female-owned, through verification surveys.
• Tender Distribution Services have collected and disseminated over 800 tenders to our network of suppliers. This increases suppliers' access to opportunities, expands buyers' pool of applicants and creates more transparency in contracting.
• 222 entrepreneurs have received training, helping them to improve their knowledge about procurement processes and standards, as well as their ability to successfully compete for and win contracts. 
• The Sustainable Marketplace Initiative will focus on facilitating supply chain linkages between local businesses and large buyers in the extractive sectors, as well as leveraging aid spending through local purchasing.

Source: Building Markets, April 2012