Somalia is blessed with natural resources including water resources, oil and gas reserves, minerals resources and wildlife among other things.
Despite the lack of effective national governance, Somalia has maintained a healthy informal economy, largely based on livestock, remittance/money transfer companies, and telecommunications.Somalia’s economy has managed to survive state collapse, maintaining reasonable levels of output throughout the country’s two-decade-long civil war.
Investors have come to Somalia looking to cash in on the rebuilding process and abundant natural resources in areas such as agriculture and livestock, fisheries, and oil and gas.
The second pillar of the president’s Six Pillar Strategy to stabilize the country is economic recovery. In line with this, Somalia aims to build a transparent, formalized, globally competitive economy that collects tax revenues.
The government of Somalia together with development partners are working hand in hand to create a condusive business environment in Somalia
The detailed information on the economy of Somalia is organized under the following;