Monrovia, Liberia – In a significant stride towards enhancing Liberia’s agricultural sector, Fouani Brothers are set to invest US$30 million in an Argo Oil Production Plant in the Industrial Park. This strategic move underscores their commitment to fostering economic growth and creating a direct market for local farmers.

The investment aims to facilitate the purchase of crude palm oil (CPO) from Liberian farmers and plantations, a venture carefully designed to empower local agricultural communities. Notably, Fouani Brothers have opted not to engage in farming themselves, prioritizing collaboration over competition with local farmers.

Acknowledging the importance of maintaining a robust supply chain, Fouani Brothers have set a benchmark, aiming to secure up to 60% of the required CPO from local sources. In the event of any shortfall, a proactive partnership with the Ministry of Agriculture is established to address concerns and support affected farmers.

The decision to invest in the Argo Oil Production Plant aligns with Liberia’s broader efforts to break monopolies within the manufacturing sector. Fouani Brothers commend the government’s role in fostering competition and breaking the decades-long monopoly in various industries.

If passed into law, the Fouani Incentive Agreement will serve as a catalyst for uplifting farmers, ensuring that their labor translates directly into economic gain. This agreement promises to eliminate barriers that previously hindered farmers from exporting their products and receiving timely compensation.

Fouani Brothers’ investment in an Argo Oil Production Plant distinguishes them from competitors like Equatorial Palm Oil and Golden Veroleum, as they prioritize supplying processed products to meet local demand, deviating from the typical focus on exports. This strategic shift positions Fouani Brothers to contribute to Liberia’s economic self-sufficiency and global market competitiveness.

With this venture, Liberia is poised to elevate its status in the global market, not only as an exporter of CPO but also as a producer of processed Argo Oil. The Fouani Brothers’ initiative signifies a positive paradigm shift, contributing to the country’s economic growth and reinforcing Liberia’s position in the international agricultural landscape.

By: Staff Writer