While the country has relied for decades on oil as a primary source of income, it neglects promising sectors such as solar energy, agriculture, fisheries, tourism, and rare minerals. This singular dependence has made the Libyan economy vulnerable to oil price fluctuations and political crises, weakening opportunities for sustainable development. With increasing calls to diversify income sources, the question arises about the real reasons behind the absence of a clear strategy to invest in these resources.
Libyan academic and economist Mohamed Dermish believes that any country’s economy relies on three types of resources: natural, human, and financial. He explains that the interaction of these resources generates wealth, and their utilization is measured by three criteria: efficiency, effectiveness, and sufficiency. He continued: “In addition, there are several investment funds and institutions such as the Jihad Fund, the Economic and Social Development Fund, the National Investment Company, the Endowments, the Islamic Call Center, the Social Security Fund, and the Social Solidarity Fund, among other institutions with large capital in dollars and dinars.” He pointed out that Libya also has significant investment opportunities through international and regional agreements that provide funding for many projects, noting that what he mentioned “is only a small part of the many economic resources available in the country.”
Regarding natural resources, Dermish explained that Libya has a coastline over 1900 kilometers long, diverse energy sources, extensive agricultural lands, and the Tibesti Mountains rich in gold and minerals according to the Industrial Research Center’s reports, as well as its strategic geographical location in the heart of the world, giving it an advantage in maritime and air transport. Dermish affirmed that all these factors enhance the strength of the Libyan economy and its competitiveness, providing real opportunities to diversify income sources and create alternatives.
Discussing the obstacles to achieving this, he explained that the main problem lies in the lack of political will and competent management before 2011, while political divisions, conflicts, and instability after 2011 have been the main reasons for hindering resource exploitation and effective state management. He affirmed that the way to make Libya a state that does not rely on oil revenues lies in proper management. Libya possesses the natural resources and financial capabilities to overcome all challenges. The Libyan economy is inherently strong, the country’s financial position is very good, and what Libya needs today is wise management that knows how to manage and invest its resources in the right direction.
Investing in renewable energy contributes to cost reduction, along with developing agriculture and manufacturing industries, affirming that Libya’s distinguished geographical location qualifies it to be a leader in various fields, “but success requires only good and efficient management.” Libyan academic Nasser Dawood, in statements to “Sputnik,” sees that there are many natural resources that can form real alternatives to oil in supporting the national economy, primarily marine wealth, noting that Libya overlooks the Mediterranean Sea with a coastline extending about two thousand kilometers, giving it enormous potential in the field of marine fishing and related industries.
Dawood explained that the prevailing social culture in Libya is one of the main obstacles to benefiting from this vital resource, as the concept of investing in marine wealth has yet to become entrenched except among a limited percentage of Libyans who acquired this culture from abroad. He added that cooperation or partnership with foreign companies specialized in this field can contribute to sustainably exploiting this resource, provided environmental load and preservation of rare species are considered.
Dawood also spoke about solar energy as a promising resource, explaining that the Libyan desert, part of the vast Sahara, provides an ideal environment for investing in solar energy for electricity production and export, in addition to reducing dependence on oil and contributing to the sustainability of natural resources. He pointed out that Libya also possesses unique natural landmarks and historical monuments, especially in the east and south of the country, with lakes and prehistoric rock carvings, as well as ancient architectural ruins that are among the most important witnesses to human civilizations, indicating that investing in these sites in the domestic and international tourism sector can achieve substantial financial returns for the state and contribute to diversifying income sources.
Dawood affirmed that the biggest obstacle to investing in these alternative resources is the lack of qualified and trained labor to manage these sectors effectively. Libyan academic Issam Jadallah confirmed that Libya enjoys numerous natural and human resources that can be directly and effectively utilized to support the national economy, pointing out that educated and creative minds represent the most important resource the country possesses, as they are the foundation of any genuine developmental process.
He also noted that Libya boasts a wide natural plant diversity, most of which is used in therapeutic compositions, such as carob, wormwood, and juniper, which are exported without effective monitoring or organization. He added that marine wealth represents another resource that has not been exploited as it should be. Despite Libya having the longest coastline on the Mediterranean, it is not optimally utilized in tourism, marine fishing, port construction, and factories, representing a significant loss to the country’s economy.
Jadallah pointed out that the Libyan desert represents a colossal natural resource, encompassing a large part of the Sahara Desert, one of the world’s most crucial environmental areas, which can be invested in desert tourism, rally racing, and alternative energy projects. He also affirmed that tourism, in general, is one of the most neglected resources in Libya, despite its rich cultural history and astonishing environmental and geographical diversity, with mountains, forests, deserts, and coasts, along with a moderate climate and wild animal diversity making it one of the most beautiful Mediterranean countries.
He also highlighted the absence of sustainable development projects and future vision, and the weakness of laws and legislations protecting natural resources, in addition to the decline of national spirit in state institutions. Jadallah affirmed that the best way to exploit resources lies in adopting clear and sustainable strategies, starting with investing in education and Libyan minds, explaining that successful global experiences have proven that education is the key to sustainability and progress. He emphasized the necessity of encouraging local community participation in positive change, setting long-term plans for agricultural development and improving production quality, along with enhancing local and international cooperation, encouraging the use of modern technology in various sectors, and stressing the optimal utilization of national resources to ensure future generations’ rights, applying strict laws to protect resources from tampering, and motivating innovators and collaborators.
