Bility and former Brazil international Zico are the first – of what is expected to be a large group – to announce their candidacy.
The 48-year-old believes that it's time for Africa to lead an organisation which has never had an African president. Current Confederation of African Football (CAF) president Issa Hayatou is the only African representative to have run for the presidency, losing to Sepp Blatter in the 2002 presidential elections.
"Africa is the largest voting bloc in FIFA and we must take the lead to bring football together," Bility told the BBC.
"We all agree that football is facing a difficult moment and it is in difficult moments that great leaders emerge."
Bility has headed the Liberian FA since 2010, and was re-elected for a second four-year term in 2014. He is also president of Liberia's Srimex oil and gas company.
The Liberian has promised that he won't back down in his bid to get FIFA back on track.
"People know me to be bold, upright, outspoken, and highly opinionated," he said.
"I say it like it is. When it's not right, I don't back down, and that has gained me some respect."