Dominic Nimley, Chair on Trade and Commerce at the Liberia Business Association (LIBA) and National Chairman of the Patriotic Entrepreneurs of Liberia, has called on the Liberian government to establish a US$50 million loan fund with low-interest rates to support Liberian local businesses.
Speaking passionately at a recent press conference held on Monday, December 2, 2024, Nimley emphasized that such an initiative would provide critical capital for Liberian entrepreneurs, leveling the playing field and fostering sustainable economic growth.
“We need this funding to empower our entrepreneurs and level the playing field,” Nimley stated. He highlighted that he had proposed this initiative as far back as the administration of former President Ellen Johnson Sirleaf. “This loan program would provide much-needed capital for Liberian businesses, allowing them to compete and thrive in their own country,” he added. Nimley stressed that empowering local businesses would strengthen the nation’s economy and reduce reliance on foreign imports.
Nimley also addressed the challenges faced by Liberian tailors, calling for greater recognition and support for their trade. “In Liberia, being a tailor feels like a curse. But in other countries, tailoring is a respected career. Why can’t we treat it the same here?” he questioned. He urged the government to create opportunities for tailors and other small-scale entrepreneurs, emphasizing that their success would contribute significantly to national growth and self-reliance.
He proposed that part of the US$50 million loan fund be allocated to empower trades like tailoring unions, enabling them to produce goods such as the police and Army uniforms and other essentials locally. “With the right support, we can bring in modern machines, train our people, and manufacture these items here in Liberia,” Nimley explained.
He highlighted the potential for Liberian entrepreneurs to take over sectors currently dominated by foreign businesses. “We can import machines, train our people for a few months, and they will be ready to produce high-quality goods. This approach will empower families and create sustainable livelihoods,” he said.
Nimley expressed concerns about the dominance of foreign entities in key economic sectors, which he argued stifles local business growth. He clarified that his stance is not anti-foreign, but rather pro-Liberian. “We are not against foreign investors. We welcome their contribution, but the government must enforce laws that protect local businesses,” he asserted.
Nimley emphasized the importance of creating policies that balance foreign investment with the empowerment of indigenous enterprises.
He also called on the Central Bank of Liberia to address the high interest rates imposed by commercial banks, which he believes are a significant barrier for local entrepreneurs. “Government after government, the Central Bank has failed to protect Liberian businesses. We hope the new administration will bring change,” he noted.
Nimley mentioned ongoing discussions with the incoming Central Bank leadership, expressing optimism for reforms that would benefit local businesses. Nimley’s address underscored the broader frustrations of Liberia’s business community.
He urged the Boakai administration to take bold steps in enforcing liberalization policies, providing financial support for local businesses, and restoring dignity to indigenous professions. “The government must act now. If we empower our people, we empower Liberia. This is the only way to build a self-reliant and prosperous nation,” he concluded.
Nimley highlighted the potential for local entrepreneurs to manufacture products currently imported from abroad, such as slippers and other essentials. He stressed that with adequate training and resources, Liberians could produce high-quality goods that would reduce the country’s dependence on imports and retain wealth within the economy.
His appeal is a call for decisive leadership and collective effort to address economic challenges. By establishing the proposed loan fund and supporting indigenous businesses, the government can foster an environment where Liberian entrepreneurs thrive, contributing to national development and economic independence.
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