FAQs    |    About Liberia    |    About the Chairman    |    Resource Documents    |    Webmail Login    |    Contact Us

Frequently Asked Questions

What is NIC's Vision?
What is NIC?
What are the types of incentives granted by NIC?
How do NIC monitor concession agreements?
How is the NIC helping the Domestic Private Sector?
What is the NIC structure like?
What is the IMCC?
Who qualifies for investment incentive?
What businesses reserved for Liberians only?
What are the steps for granting Investment Incentives?

What is NIC's Vision?
National Investment Commission aspires to be the premier institution providing quality investment and promotional services to local and foreign investors in order to build a vibrant economy.

What is NIC?
National Investment Commission aspires to be the premier institution providing quality investment and promotional services to local and foreign investors in order to build a vibrant economy.

What are the types of incentives granted by NIC?
- duty exemption on the importation of machinery and equipment
- duty exemption on the importation of capital spare parts
- duty exemption on the importation of fuel and lubricant
  o duty exemption on the dutiable value of inputs input and auxiliary materials
  o Tax holiday
- Preferential tariff for electricity-when available

How do NIC monitor concession agreements?
The NIC along with other GOL agency (Ministry of Finance, Ministry Justice, Ministry of Labor, Environmental Protection Agency and the Sector Ministry (Ministry of Lands, Mines and Energy for mining, Ministry of Agriculture for agriculture related projects) to ensure compliance to the terms enshrine in the Concession agreement.

How is the NIC helping the Domestic Private Sector?
The NIC is working towards the growth of a sustainable domestic private sector in Liberia. Amongst the steps taken are:
o Business Linkage report-a program to increase the procurement of local goods and services by the many concessionaires operating within our borders
o The NIC has been working closely with the Central Bank of Liberia for both five million United States dollars loan program for small businesses and its recently launched two hundred million Liberian dollars micro enterprise loan program
o Seeking budgetary support for a two million United States dollars Economic Stimulus Package intended to support the growth of small medium enterprises
o The NIC is working with the Liberia Bankers Association on access to finance and the availability of financial products to Liberia businesses throughout the country.
o The NIC is working with other partners to ensure the availability of business support services throughout the length and breadth of Liberia.
o We are collaborating with the National Oil Company (NOCAL) to incorporate local content provisions in our nascent oil and gas sector.
o The NIC is also working with business associations such as LIBA, LCC, COLINBO etc in addressing issues affecting them and has successfully assisted Liberian businesses on individual basis on the access to finance, access to finance, access to land among others.

What is the NIC structure like?
The (NIC) was established by an Act on September 6, 1979 and amended in 2010 to encourage, promote and coordinate all investment activities in Liberia with the aim of accelerating economic growth and development. The NIC also manages, among other things, the Monrovia Industrial Park and all GOL investment related assets and equity interests.
The NIC is headed by the Chairman, with a cabinet ministerial rank who is assisted on the Commission by five other presidential appointees/ Commissioners:
Minister of Finance, Minister of Justice, Minister of Planning & Economic Affairs, Minister of Commerce & Industry and the Minister of State for Economic Affairs
The NIC has a Secretariat, the working body of the Commission, headed by the Executive Director who reports directly to the Chairman of NIC.

What is the IMCC?
The NIC chairs the Inter-Ministerial Concession Committee (IMCC), comprising of the Ministry of Finance, Ministry of Justice, Ministry of State, Ministry of Planning and the Sector Ministry ( Ministry of Agriculture for agriculture related projects, Ministry of Lands, Mines and Energy for mining and energy projects etc.. This Committee negotiates Investment contract valued more than USD10m which requires legislative ratification and presidential approval.

Who qualifies for investment incentive?
SECTION 16 – SPECIAL INVESTMENT INCENTIVES
Capital Investment Requirement – section 16 (2)(B):
o At least US$1 million for any investor
o At least US$500 thousand for business with 100% Liberian ownership

Investment must be in specific sectors:
o Tourism- carried out through tourist resorts, hotels, and cultural sites
o Manufacturing – at least 60% local raw material content|
o Energy
o Hospitals and medical clinics
o Housing
o Transportation
o Information Technology
o Banking
o Poultry
o Horticulture
o Exportation of sea products
o Agricultural – food crop cultivation and processing including cocoa and coffee
o Small and medium scale rubber and oil palm cultivation and processing

The NIC work in partnership with:
GOL: MOCI, MOF, CBL, MOJ, MOS, MOL, MOPEA, MLME, MOA, MOFA, NPA, LEC, LMA, EPA, Legislature, etc.
International: IFC, USAID, GIZ, UNDP, SIDA, Peace Dividend Trust, Chinese Embassy, AGI, world bank Group
Concessionaires: Arcelor Mittal, BHP Billiton, Buchanan Renewables, China Union, MOPP, CRC, Firestone, Sime Darby, Equatorial Palm, Putu Mining, Golden Veloreum, SRC, LAC, Western Cluster, AMLIB, Chevron Anadarko, African Petroleum, Broadway, Gamla etc.
Others: LIBA, LCC, COLINBO, LBA, WAVF, LEDFC, TOTAL, etc.

What businesses reserved for Liberians only?
Provisions in the Investment Act of 2012 Ownership of the following business activities shall be reserved exclusively for Liberians.
(a) Supply of sand
(b) Block making
(c) Peddling
(d) Travel Agencies
(e) Retail sale of rice and cement
(f) Ice making and sale of ice
(g) Tire repair shops
(h) Auto repair shops with investments of less than US 550,000
(i) shoe repair shops
(j) Retail sale of timber and planks
(k) Operation of gas stations
(l) Video clubs
(m) Operation of taxis
(n) Importation or sale of second-hand or used clothing
(o) Distribution in Liberia of locally manufacture products
(p) Importation and sale of used cars (except authorized dealerships which may deal in certified used vehicles of their make)

What are the steps for granting Investment Incentives?
1. Investor apply to National Investment Commission (NIC) with
- Business Registration
- Articles of Incorporation

2. Submits eight (8) Copies of Business Plan/Project Proposal to NIC

3. NIC conducts economic evaluation and make recommendation to the Minister of Finance for certification based on:
a. Projects of value added potential
b. Employment generation
c. Degree and condition of Liberian participation
d. Usage of local materials/ raw materials

4. The Minister of Finance either grant of reject the incentive request

5. Address your Investment Incentive request to:

The Chairman
National Investment Commission
12th Street, Sinkor
P. O. Box 9043
Monrovia, Liberia

If granted, an Investment Incentive contract is signed

Contact Us

Questions about investing?
We're here to answer them!

Contact Us

Liberia National Investment Commission, 12th Street, Sinkor, Monrovia, Liberia

© Copyright Liberia National Investment Commission