Monrovia – In a significant move to boost Liberia’s economy and address the looming shortage of petroleum products, the House of Representatives has granted a tax waiver to Gboni Enterprises Incorporated for the construction of a 25,000 MT ultra-modern petroleum storage terminal. The decision was made following the ratification of the Investment Incentive Agreement between the Republic of Liberia and Gboni Enterprises, Inc.

The agreement, which was signed on April 21, 2023, aims to address the country’s energy supply challenges and stimulate economic growth. According to a report from the House’s Joint Committee on Investment & Concessions, Judiciary, and Ways, Means, Finance & Development Planning, the construction of the petroleum storage terminal is expected to create approximately 500 direct jobs and 1,500 indirect jobs.

The total cost of the investment is valued at Twenty-Two Million United States Dollars (USD 22,000,000.00). Gboni Enterprises Inc, a 100% Liberian-owned oil and gas importation and distribution company, has been successfully operating in Liberia for over twelve (12) years. The company’s CEO, Mr. Boakai M. Sheriff, expressed his commitment to contributing to the country’s energy security and economic development.

This investment is seen as a significant step towards reducing Liberia’s dependence on imported petroleum products and ensuring a stable energy supply for its citizens.

Liberian American Poultry Farm’s Tax Waiver Pending as LAP Aims to Boost Egg Production

While Gboni Enterprises celebrated the approval of its tax waiver, the Liberian American Poultry Farm (LAP) awaits a decision from the House of Representatives. LAP is seeking a tax waiver to facilitate the construction of a US$15 million farm that is expected to significantly increase egg production in Liberia.

The proposed farm, if approved, is anticipated to produce over 100 million eggs annually, a development that would reduce Liberia’s reliance on egg imports. Liberia currently ranks as the 55th largest importer of eggs globally, with import data for 2021 standing at US$13.4 million, according to the Observatory of Economic Complexity.

The tax waiver requested by LAP would span approximately ten years, creating 250 direct jobs and 500 indirect jobs. Additionally, LAP plans to cultivate maize on 200 acres of land to produce 30,000 tons of chicken feed annually, supporting local agriculture and smallholders.

President George Weah expressed optimism about the LAP project, stating that it would not only address egg shortages but also create employment opportunities and contribute to the country’s self-sufficiency in poultry products.

The fate of LAP’s tax waiver request is expected to be decided during the Legislature’s 3rd and final quarter of the 6th Session of the 54th Legislature, in October.