Market Research in Liberia
Liberia is a West African country that borders Cote d’Ivoire, Guinea, and Sierra Leone. Like many other African countries, it’s an excellent investment due to the fact that its market is still untapped. However, the country has many problems, including a history of civil war and unrest.
One of the primary industries in Liberia is mining (iron, gold, diamonds, and ore). Other significant industries are palm oil and rubber processing.
Liberia’s economic system is underdeveloped. This damage was a result of the First Liberian Civil War, waged from 1989-1996. Since then, Liberia is among the most impoverished countries in the world.
The civil war overthrew the American-Liberian minority that ruled the country. The war also led to a brain drain and loss of capital. Consequently, Liberia has the typical profile of the sub-Saharan African economy, with abundant mineral resources, forests, and agriculture. But it lacks human capital, infrastructure, and stability. Thus, most of the population depends on agriculture. In contrast, foreigners own much of the existing local manufacturing industry.
Neighborhoods in Liberia
Monrovia is the capital of Liberia, located is on the Atlantic coast. It has the largest population in the country. This city, founded in 1822, is the country’s cultural, financial, and economic center. Its economy depends on its role as a port and seat of the Liberian government.
Gbarnga is another major city. It is the capital of Bonn County, located northeast of Monrovia. It had an essential role as the base for Charles Taylor’s Liberian National Patriotic Front when they fought in the initial civil war. Nowadays, Gbarnga plays a more progressive role in the development of Liberia. for example, it is home to Cuttington College. This college is a private school affiliated with an Anglican Church near the city. Its campus was once home to the African American Museum, which the Civil War destroyed.
Trends and Consumer Base in Liberia
Most Liberians earn less than US$500 per month, which is not always enough for clothing, food, and shelter.
Manufactured goods, for example, foodstuff, chemicals, and fuels are Liberia’s main imports.
Rice is a staple ingredient in Liberia. Other agricultural products include cassava, fish, bananas, citrus fruits. Liberia’s farmers also grow plantains, coconut, okra, and sweet potatoes.
Strengths in the Market
One of Liberia’s strengths is its natural resources.
Agriculture is still its primary industry, employing two-thirds of the population.
The mining industry in Liberia recovered after the Second Civil War, which ended in 2003. New mining laws and mineral development policies are in place to attract foreign investment.
Reasons to Grow Your Business through Market Research in Liberia
Supportive tax administration;
Liberia has instituted the Investment Law of 2016. Article 16 of this law addresses the Liberian taxation system. It provides special financial and non-financial incentives for investments. These investments have to be in any of the 15 priority sectors, which include manufacturing, information technology, and tourism.
There are no minimum returns on revenue and no exchange limit.
Article 11 of the Investment Law of 2010 strengthens investment protection. It allows investors to return their capital and profits to their home countries, including gains and dividends and cash transfers at the time of sale or liquidation. It also includes the repayment of loans obtained from foreign banks.
There is an unsaturated local market of household goods and groceries.
Liberia relies on the mining industry. Since the manufacturing sector is not well-developed, the country imports most of the household goods consumed. For example, there is the importation of about 90% of the rice consumed each year. Likewise, there is the importation of many household items. Thus, household items would prove to be a very lucrative business. The government is eager to transition from an economy that relies on mining and imports. It wants to move to an export-oriented economy in manufacturing.
About Market Research in Liberia
Do you want to start a business? Does Liberia sound like a great place to you? Then this article is for you. We have created Focus Groups for the African private sector. We can also conduct Quantitative, Qualitative, and Strategic Research for your association. So, you can choose the most suitable industry to start a business. We take all these measures to ensure the success of your business.
This document gives you the necessary guidance to get the most out of your investment in Liberia.