Market Research in Libya
Libya is a well-known Arabic-speaking North African country. It is also huge. With more than 600,000 square miles, Libya is the fourth largest country in Africa and the sixteenth largest in the world. It’s almost three times bigger than Texas in the USA.
Libya went through a civil war that ended in 2020. To be clear, two governments were fighting to be dominant, pitting one faction against the other. In short, everyone wanted to have a share of authority. Additionally, there is no central government in Libya, so no one has control. Libya is now trying to reshape itself, but because of its vast size, it is having difficulty doing so.
Libya exports petroleum, cement, textiles, iron, and steel.
The country also has a proven oil reserve of forty-six billion barrels, the largest in Africa. Its annual oil production is about 1.65 million barrels per day. Because of the recent war, oil prices have dropped to super-low levels. Still, oil and natural gas account for over half of Libya’s national income. In fact, Europe buys about eighty percent of Libya’s oil exports.
Neighborhoods in Libya
Chad is south of Libya, Nigeria is southwest, and Sudan is southeast. It also shares a border with Egypt, which is to the east.
The capital of Libya is Tripoli, located in the northwest on the Mediterranean coast. Tripoli is the largest city in Libya, and it is where most of the trade in the country takes place. More than a million people live there. Tripoli is also the main port of Libya. Other major cities in Libya include Benghazi, Misrata, and Tarhuna. These cities are where most people live and where they trade goods and services.
Libya’s import bill is higher than other countries in Africa due to the recent war. One of the main imports is food, which it buys from other countries. Things like beans, wheat, rice, lentils, and corn are some of the foods in demand in Libya. As a result, the agriculture industry is a great investment opportunity to make money in Libya.
More than three-quarters of Libya’s population is urban. The country suffers from acute unemployment, reported figures run as high as 50 percent. However, it is home to a large number of foreign workers from countries such as Egypt, Turkey, and India. Many of these workers have jobs in the oil industry, and as a result, they earn high wages.
Reasons to Grow Your Business in Libya
Libya is a great place to grow your business because of its large population. It also needs help with economic growth. South Africa, Nigeria, and Egypt are some of the most prosperous countries in Africa, and Libya has the potential to rank with these countries. Economists expect Libya to continue growing in wealth. The oil production is excellent, and it has vast untapped reserves. That is why investing in Libya would be an excellent idea.
About Market Research in Libya
Would you like to do business in Libya? We have you covered with up-to-date information on investment opportunities. We gather Quantitative, Qualitative, and Strategy research for you or your company. The data compiled is to inform you of the economic situation in Libya. We hope this article was beneficial to you and that you would consider investing in Libya.