Empowering Liberia’s SMEs: Catalyzing Growth Through Adaptation and Innovation
January 13, 2025
Small- and medium-sized enterprises (SMEs) are the backbone of economic growth and job creation in developing nations. Yet, their potential is often stifled by limited access to financial resources and requisite capacity. This is the reality for SMEs in Liberia, a West African country rich in biodiversity. Home to one of the region’s largest remaining rainforest - upper Guinea forest) and a 565-km coastline with rich fisheries, including the vitally important mangrove ecosystems. Liberia’s natural resources offer immense opportunities for SMEs. However, realizing this potential requires targeted investment and strategic support.
The Adaptation Acceleration Project (AAP), funded by the Global Environment Facility (GEF), aims to empower adaptation-focused SMEs to drive climate-resilient growth in Liberia and Madagascar. By aligning with the country’s Nationally Determined Contributions (NDCs), National Adaptation Programmes of Action (NAPAs), and National Adaptation Plans (NAPs), AAP seeks to integrate climate adaptation into key economic sectors. Consultations identified three priority areas: waste management, agriculture, and fisheries. These sectors are pivotal for building resilience and embedding sustainable practices into Liberia’s economic landscape.
Through the AAP initiative, 15 SMEs in these sectors were selected to participate in a comprehensive three-month accelerator program, which they all completed successfully. They received training in financial management, climate adaptation strategies, and business planning, culminating in the development of pitch decks and actionable business plans. Equipped with these tools, the SMEs are now better positioned to secure investments and expand their operations.
Spotlight on the MSME Conference
The 2024 MSME conference, jointly organized by Conservation International and the Ministry of Commerce and Industry, was held from December 9–11, 2024. The conference was a landmark event for Liberia’s entrepreneurial ecosystem. The conference commenced with the dedication of a new business registry office, followed by the much-anticipated AAP SME pitching event. Here, the 15 SMEs presented their business ideas to potential investors, competing for funding from the AAP grant. Among the standout performers were, Faith Incorporated, HHH Foods, and Hysaa Waste Management who also emerged as competition winners.
The second day highlighted the areas of synergy between government and private sector collaboration. Keynote remarks from dignitaries and a compelling address by Mike Olendo, Blue Oceans Director at Conservation International, set the stage by delivering introductory remarks on the central role that Small and Medium Enterprises (SMEs) play in Liberia’s economy while also providing vital livelihoods that help address the biggest challenge of our time: climate change. Over 150 MSMEs and SMEs showcased their products at the trade fair, which ran alongside panel discussions on pivotal topics such as fostering foreign direct investment in tourism, agricultural commercialization, and job creation.
The conference concluded on December 11 with continued exhibitions and discussions. Notable sessions explored youth innovation for inclusive economic growth and environmental stewardship for sustainable development. The event culminated in an awards dinner honoring the 15 SMEs, each receiving $10,000 grant. The top three pitching winners, Faith Incorporated, HHH Foods, and Hysaa Waste Management, received an additional $5,000, $3,000 and $2,000 grant respectively. Additionally, one of the SMEs also won $1,200 prize from the Ministry of Commerce and Industry for having an exceptional business idea and marketing strategy.
A Milestone for Liberia’s SMEs
The MSME conference was a transformative experience for participating SMEs, many of whom expressed gratitude to Conservation International and GEF for this invaluable exposure. For many, it was their first time engaging with such a platform, providing them with newfound confidence to pursue their ambitions. The event underscored the vital role of SMEs in shaping a resilient and sustainable future for Liberia.
Next Steps
The AAP team in Liberia will continue to provide mentoring support to the 15 SMEs while integrating the climate adaptation proposals into their businesses and enterprises, in line with the AAP project objectives and focus.
A similar event is being planned for the end of January 2025 in Madagascar.
Links of the Events Programs in Liberia
https://www.facebook.com/groups/914072722705629/permalink/1739875340125359/?mibextid=S66gvF
https://fb.watch/wrVlems172/?mibextid=cr9u03
https://fb.watch/wrVncEPDGX/?mibextid=cr9u03
Image 1: A group photo of AAP SMEs winners posing with the judges, winners, consultants and CI staff taken after pitching deck session held on December 9, 2024, Congo Town, Monrovia, Liberia. Picture Credit: Ibrahim Sheriff
Image 2: Ma Lude Business Incorporated exhibiting their business at the MSME Trade Fair on December 10, 2024, Congo Town, Monrovia, Liberia. Picture Credit: Sabawu R. Yennego
Image 3: Faith Incorporated exhibiting their business at the MSME Trade Fair on December 10, 2024, Congo Town, Monrovia, Liberia. Picture Credit: Ibrahim Sheriff
Image 4: Agro Links Enterprise exhibiting their business at the MSME Trade Fair on December 10, 2024, Congo Town, Monrovia, Liberia. Picture Credit: Sabawu R. Yennego
Written by: Corlé Swart