Liberia Industry Sectors

 The Liberian economy largely depends on agricultural productivity. The industrial sectors contribute 5.4% to the country’s GDP and employ almost 8% of the working population. The major Liberian industry sectors include mining, oil and electricity.[br]

 The Liberian economy largely depends on agricultural productivity. The industrial sectors contribute 5.4% to the country’s GDP and employ almost 8% of the working population. The major Liberian industry sectors include mining, oil and electricity.[br]

Liberia Industry Sectors: History

Traditionally, agriculture was the major contributor to Liberia’s GDP. Before the outbreak of the civil war, the country had an evolving rubber industry, which accounted for almost US$100 million in exports annually. The discovery of iron ore in the late 1950s gave another major boost to the country’s economic growth. In the 1960s and 1970s, Liberia was one of the major largest exporters of iron ore.

 

During the military regime and the civil war period, the Liberian economy was heavily exploited. The rubber and iron industries were the most exploited since they used to generate foreign currency. After the restoration of a democratic set up in 1997, the government took measures to reinstate the major industrial sectors. However, no significant results were achieved due to severe depletion in the availability of raw materials.

 

Major Liberia Industry Sectors

Some of the major Liberia industry sectors are:

 

• Oil sector: The country has a modest oil sector. The upstream oil industry is insignificant due to no major oil and gas discoveries. For the downstream oil industry, all the raw material is imported from the neighboring oil producing nations. The Ministry of Land, Mines and Energy regulates the oil sector in the country. 

• Mining sector: Since the outbreak of the civil war, the mining sector has lost all its foreign investment. This has resulted in an underdeveloped mining sector in the country. Diamond and gold are the primary mining products for the country. The industry also produces other minerals such as tin, phosphates, zinc, copper, nickel, molybdenum, beach sand, bauxite, kyanite, uranium, chromite, and silica sands. The country’s mining sector is victim to smuggling across the borders of Sierre Leone, Guinea and Cote de Ivoire.[br] 

• Electricity: Liberia Electricity Corporation is responsible for generating and distributing power in the country. The corporation has two electric power generation plants in the capital city of Monrovia.

 

Liberia’s economy is still suffering from the aftereffects of the civil war. Facing devastated infrastructure and high unemployment, the country largely depends on the financial assistance from donor nations.