08/08/2008 (The Nation News) - The International Financial Corporation (IFC), a member of the World Bank Group, has presented to the Liberian Government the findings of a study that reviewed the country’s oil palm sector.

The study, carried out in cooperation with the Government of Liberia and the Netherlands, assessed the competitiveness of Liberia’s oil palm sector, identified potential investment opportunities, and presented recommendations for addressing existing constraints to further investment and employment creation in the sector.

A release quotes Ms. Jumoke Jagun, IFC Resident Representative as saying, “Liberia’s oil palm sector has the potential to attract significant private investment, and to be a key driver of inclusive growth, development and job creation for the country”

She noted that with the right business and policy environment, Liberia’s oil palm sector has the potential to grow and contribute to the economic revitalization of the country in the long term, adding that Liberia can be a net exporter of oil palm products.

The release said the Government of Liberia requested IFC to undertake the study, as part of its efforts to gauge the potential for re-stimulating the palm oil sector in Liberia drawing on foreign direct investment.

“The palm oil sector is critical to Liberia’s economic revival strategy and government welcomes IFC’s support and partnership in this endeavor,” Agriculture Minister Dr. J. Chris Toe noted.

The IFC study involves the collection of satellite data on the physical state of the plantation as well as an analysis of the economic and technical potential of the sector. The study also noted that Liberia has excellent climatic conditions for oil palm production.

In spite of these favorable conditions, the study noted that Liberia’s total palm oil production has fallen dramatically in the last decade. In 2005, the country imported 7,000 metric tons of refined palm oil to supplement local production.

The release said prior to conclusion of the study, IFC held a workshop to consult and present its findings to key stakeholders in Liberia.

The workshop was attended by over 50 participants including Agriculture Ministry authorities, representatives of major palm oil investors and representatives of smallholders’ farmers in the sector.