The Ministry of Commerce and Industry is set to host a pivotal conference focusing on Small and Medium-sized Enterprises (SMEs) in the first week of December, aiming to foster economic growth and entrepreneurship across the nation.
Acting Commerce Minister Scholarstica Nimley made the announcement at a stakeholders meeting on Monday, emphasizing the integral role that SMEs play in driving Liberia’s economy.
SMEs constitute a vital part of Liberia’s economic framework, employing approximately 70% of the workforce and contributing to nearly 30% of the country’s Gross Domestic Product (GDP).
With a nominal GDP estimated at around $3 billion, the potential for SMEs to enhance economic resilience and stimulate local job creation cannot be overstated.
“SMEs are not just a segment of our economy; they are the backbone,” said Nimley.
“It’s critical that we strengthen this sector through innovation, collaboration, and sustainable growth initiatives. We must not forget the contribution these businesses make to our communities and our economy.”
The conference, which is being recognized as a flagship initiative of the Ministry, aims to galvanize support from public, private, and donor organizations.
A collaborative foundation is necessary to drive growth in this sector, which has been significantly underrepresented in national economic dialogues since the last conference was held in 2016.
Madam Nimley highlighted the importance of the impending conference to rejuvenate the SME landscape, stressing that the support from stakeholders is crucial for its success.
Notable organizations like the World Bank, UNDP, Liberia Chamber of Commerce, and the Liberia Business Association were present at the meeting, indicating a strong backing for the initiative.
President Joseph Boakai is expected to grace the event alongside various stakeholders from the informal sector.
His administration’s renewed political will aims to establish a more supportive ecosystem for SMEs, which have long faced challenges such as inadequate access to finance, limited market opportunities, and regulatory barriers.
“The time is ripe for change,” added Nimley. “With the combined efforts of various stakeholders, we can create an environment that not only supports existing SMEs but also encourages new entrepreneurial ventures.”
In a country where economic challenges persist, the upcoming SMEs conference is poised to serve as a platform for dialogue, networking, and collaboration among business owners and industry stakeholders.
With the collective goal of unlocking the true potential of the SME sector, Liberia could take a significant step towards advancing its economic growth and inclusivity, ultimately contributing to a more robust and sustainable economy.
