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Liberian Senate Unanimously Passes $22 Million Investment Incentive Bill, Boosting Economic Growth and Job Creation

The Republic of Liberia’s Senate has unanimously agreed with the House of Representatives in passing a significant investment incentive bill worth US$22 million. This bill is between the Republic of Liberia and Gboni Enterprises Incorporated, a locally owned oil and gas importation and distribution company that has been successfully operating in the country for over twelve years. Gboni Enterprises Incorporated will take the lead in this ambitious project.

Before the bill was ratified on April 21, 2023, the House’s Joint Committee on Investment and Concessions, Judiciary, and Ways, Means, Finance, and Development Planning conducted a thorough review. They found that the construction of a petroleum storage terminal, which is a part of this project, is expected to create around 500 direct jobs and 1,500 indirect jobs.

During a plenary session on Tuesday, November 28, 2023, the Senate’s Committee on Ways, Means, Finance, and Budget, led by Senator Morris Saytumah from Bomi County, assured everyone that the deal had undergone careful scrutiny and is in the best interest of the Liberian people. The Committee emphasized that besides generating employment opportunities, this agreement will act as a catalyst for economic growth.

This legislative measure is anticipated to have a lasting positive impact on the economy by promoting job creation and improving long-term energy security. After deliberations on the Senate floor, a unanimous vote was taken, supported by Senator Saah Hardy Joseph, who serves as the Chair of the Committee on Executive and represents Montserrado County. This vote concurred with the House of Representatives’ decision.

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