NIC wants govt.’s procurement guidelines reviewed
The Head of Liberia’s Investment Commission is calling for a review of the government’s procurement and concession policy to expedite investment deals here.
By Kruah Thompson
The Executive Director of the National Investment Commission (NIC), Melvin Sheriff, is calling on the Public Procurement and Concession Commission (PPCC) to review the government’s guidelines for procurement and concession processes.
Mr. Sheriff stressed the need for these timelines to be streamlined to facilitate quicker investments. Under the current guidelines, it takes six to nine months to finalize an investment deal.
Speaking at the NIC headquarters on UN Drive in Monrovia recently, he noted that while Liberia continues to attract investors, the development of essential infrastructure and services such as energy, roads, and land remains crucial to facilitating these investments. However, he cautioned that this cannot be achieved without a business-friendly environment.
He revealed that the NIC has successfully attracted 350 investors to Liberia and that a business-friendly environment that benefits all Liberians is needed. He said, “Investors must thoroughly assess land, energy resources, and data to ensure their investments yield tangible benefits.”
He also wants timelines extended to promote ethical practices that emphasize trustworthiness, honesty, and fairness.
“The NIC aspires to be Liberia’s leading institution in providing quality investment and promotional services to both local and foreign investors, with the ultimate goal of building a vibrant economy,” Mr. Sheriff added.
In addition, Sheriff highlighted the collaborative role of the Inter-Ministerial Concession Committee (IMCC), chaired by the NIC. This committee, which includes the Ministry of Finance & Development Planning, Ministry of Justice, Ministry of State, and other sector-specific ministries, is responsible for negotiating investment contracts valued above US$10 million, which requires legislative ratification and presidential approval.
Moreover, he revealed that as part of its mandate, the NIC is working closely with the Liberia Petroleum Regulatory Authority (LPRA) to promote investment opportunities in the country’s petroleum sector, stressing that this partnership is key to attracting global investors and fostering economic growth in Liberia.
“The LPRA recently launched the 2024 Licensing Round for hydrocarbon exploration and development within Liberia’s offshore basins, offering international and domestic companies the opportunity to explore 29 offshore blocks”, he disclosed.
The NIC Boss expressed confidence that this initiative will enhance Liberia’s attractiveness to investors in the petroleum sector. “The NIC is committed to ensuring that the Licensing Round process is transparent, competitive, and aligned with international best practices, providing potential investors with the necessary information to engage in Liberia’s hydrocarbon exploration opportunities.” He said
Meanwhile, he reminded that investment is a process, not an event. Therefore, Liberians should exercise patience as the country navigates the intricate landscape of attracting investors. Editing by Jonathan Browne
