By Festus Poquie
Liberia’s government expects mining and oil exploration agreements concluded with multinational corporations to yield an estimated $4.8 billion investment in the West African nation of 5.5 million people, President Joseph Boakai said.
Boakai said in his State of the Nation Address Monday, mining deals with U.S. firm Ivanhoe Atlantic Inc. and ArcelorMittal SA will generate approximately $4 billion in ‘committed investment’ to boost economic growth, infrastructure, and employment.
Also, eight new petroleum agreements—four with TotalEnergies and four with Oranto Petroleum are expected to attract about US$800 million to boost the country’s hydrocarbon sector.
ArcelorMittal operates an iron-ore mine at Yekepa in northern Liberia. Its so-Called Mineral Development agreement carries an expansion plan targeting increase iron ore export from the current 8 million tons to about 20 million tons a year. The company has built concentrator at the Yekepa concession to accelerate production.
A railway access agreement with Ivanhoe Atlantic to transport iron ore from mines in neighboring Guinea has been concluded, the President said.
“The Government has strategically leveraged opportunities to attract credible investments and responsibly exploit natural resources for the benefit of Liberians.
“I will ensure that we continue to comprehensively review our concession framework to correct historical inequities in the extraction and management of our natural wealth and to ensure that Liberia and its people receive fair and lasting benefits.”
Boakai said the economy grew by 5.1% in 2025, exceeding both the 4.6% forecast and the 4.0 percent growth recorded in 2024. Gains in mining, agriculture, fisheries, and services anchored growth with Mining expanded by 17% while exports rose by 31.5%.
“Looking ahead, ongoing reforms and infrastructure investments are expected to boost growth to over 5% in 2026, with average growth projected at about 6 percent from 2026 to 2028,” he said.
“Inflation fell to 4% by December 2025 – the lowest in over two decades, down from 10 percent when we took over in 2024. These achievements signaled effective monetary and fiscal policies, coupled with anticipated easing of import costs.”
