Our Economic Vision
“Diversifying income sources is one of the key opportunities for uniting the Libyan people in tackling economic challenges and achieving sustainable development.”
Laying the Foundation for Economic Growth
Libya’s economic vision is centered on achieving sustainable development and improving the quality of life for all citizens. Central to this is the transition from an oil-dependent economy to a diversified one that leverages Libya’s geographic location, human capital, and natural resources.
Creating employment opportunities is one of the most urgent priorities. Encouraging self-employment, especially in areas with high population growth, helps build a more resilient economy and reduces the burden on government institutions. This shift supports long-term social justice without expanding bureaucracy and promotes independence across society.
In the energy sector, Libya aims to boost oil production to 2 million barrels per day within five years, generating around $35 billion annually. At the same time, we are actively investing in renewable energy, with the goal of producing 22% of national electricity from renewables by 2030. As global energy trends shift, Libya is uniquely positioned to lead in solar energy and even green hydrogen, thanks to its location in the heart of the Sun Belt.
Reviving Agriculture and Encouraging Private Investment
Two key areas that require urgent development are the agricultural sector and private investment. These are vital not just for economic diversification, but also for national stability.
We aim to:
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Increase the agricultural sector’s contribution to GDP to 10% over the next five years.
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Activate strategic grain cultivation projects and allocate land efficiently.
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Strengthen institutions like the Agricultural Bank to support farmers.
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Provide accessible financing and improve the marketing of local produce.
At the same time, encouraging private sector participation is critical. Our vision targets raising the private sector’s share of GDP to 25%, focusing on supporting small and medium-sized enterprises (SMEs) through training, funding, and capacity-building initiatives.
Creating an attractive business climate will also involve simplifying bureaucracy, fighting corruption, and investing in digital infrastructure. These steps are key to boosting citizen satisfaction and restoring trust between the public and state institutions.
