The director of the International Growth Center (IGC), Paul Collier has admonished the Government of Liberia through the National Oil Company (NOCAL) to follow the positive examples of the Southern African state of Botswana in order to succeed from oil deposits.
Mr. Collier, who is currently in the country at the invitation of NOCAL, told a cross-section of entrepreneurs and business executives yesterday that it is important to institute necessary policies that Botswana used in driving her economy to a better standard other than following others that currently face crisis in handling their natural resources.
He stated that in order for Liberia to be successful in the equitable distribution of its oil wealth to all its citizens, NOCAL needs to prioritize the building of private sector capacity, instituting better rules governing the oil sector and continued engagement with local business by developing them.
“Oil is a signal for attracting investment to the country and if you manage its deposits well, you will attract investments from all around the world.”
“You have to put in place the best policies that will govern the sector and implement those policies,” said Mr. Collier.
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