Market Update: “Liberian Businesses Must Lead Our Economy” | News – Full Analysis

President Joseph Nyuma Boakai, Sr., has declared that Liberian-owned businesses must take the lead in driving the country’s economic growth, employment creation, and long-term development, as he renewed his administration’s commitment to strengthening local participation and ownership across key sectors of the economy.

Speaking on Tuesday, January 13, 2026, at the official opening of the Uptown Motor Garage New Showroom in Monrovia, President Boakai said Liberia’s future prosperity depends on how intentionally Liberians are empowered to own, manage, and expand businesses that create jobs and retain wealth within the country.

“Liberian businesses must lead our economy,” President Boakai declared. “If we want sustainable development and real job creation, we must deliberately support Liberian-owned enterprises and give them the space to grow.”

The President said his interest in Uptown Motor Garage was sparked by interactions that highlighted the increasing contribution of Liberian entrepreneurs to the automobile sector—an industry long perceived as dominated by foreign interests.

“For many years, when people mentioned places like Uptown Motor Garage, African Motors, or Toyota, the assumption was that these were foreign-owned businesses,” he noted. “What excites me today is seeing Liberians taking ownership and leadership in these spaces. That is how economies are built.”

President Boakai congratulated the young Liberian currently managing Uptown Motor Garage on behalf of his family, describing the transition as a powerful example of generational continuity and national responsibility.

“It is inspiring when young people build on the vision and hard work of their parents,” he said. “Those are the kinds of efforts we must celebrate and encourage if we are serious about expanding Liberian ownership in business.”

The Liberian leader emphasized that the country has reached a defining stage where collective responsibility—from government, the private sector, and citizens—is required to move Liberia forward. 

He stressed that business success is closely linked to government-provided infrastructure such as roads, electricity, and security.

“No business grows in isolation,” President Boakai said. “Government has a duty to provide roads, power, and security, because when those are in place, businesses can expand and employ more Liberians.”

Reaffirming his administration’s commitment to improving the business environment, President Boakai warned against practices that undermine Liberian-owned enterprises, particularly delayed or unpaid financial obligations.

“When payments are delayed or not honored, it is Liberian small and medium-sized businesses that suffer the most,” he cautioned. “These are the businesses employing our people, and prompt payment can determine whether they survive or shut their doors.”

Drawing a comparison between large concession companies such as ArcelorMittal and Bea Mountain and smaller Liberian-owned enterprises, the President acknowledged the importance of major investors but stressed that the combined impact of indigenous businesses is often greater at the community level.

“Big concession companies provide important jobs, and we value them,” he said. “But when you look at the total impact of many Liberian-owned businesses operating across communities, the opportunities they create are often broader and more widespread.”

President Boakai commended Uptown Motor Garage for its growth from a repair-focused operation into a full-service automobile enterprise now engaged in the importation and sale of brand-new vehicles and genuine spare parts. 

He said the expansion reflects confidence in the Liberian market and a commitment to quality service.

“I am pleased with the professionalism and level of service I have seen here today,” the President said. “This is the kind of standard we must promote across our private sector.”

The President also recognized the role of financial institutions that support Liberian entrepreneurs, describing them as critical partners in innovation and national development.

“Banks and financial institutions that stand with Liberian businesses are helping to build this nation,” he noted, adding that the government will continue to identify and publicly recognize individuals and enterprises making meaningful contributions to Liberia’s development.

Assuring Uptown Motor Garage and similar enterprises of continued government support, President Boakai said his administration remains focused on improving infrastructure, expanding reliable energy supply, strengthening security, and implementing policies that protect investments and stimulate growth.

In closing, the President thanked the proprietors, partners, and members of the public for supporting the initiative, describing successful Liberian-owned businesses as symbols of national pride and capability.

“When Liberian businesses succeed, Liberia succeeds,” President Boakai said. “They inspire confidence, innovation, and national pride as we continue to Think, Love, and Build Liberia.”