Beyond Oil. A Different Picture Of Libya’s Economic Future
Oil has molded Libya’s economy for generations. It’s still the country’s biggest source of revenue and one of its most valuable resources, but the question for Libya today is not just how much oil it can produce. It is also what is possible with the opportunities andresources that the country already has [2].
Fawasel Media has published a recent article that focuses on Libya’s investment potential and the industries that could flourish alongside the energy sector. The article highlights manufacturing, infrastructure, logistics and other sectors where long-term investment could create more opportunities for the economy to grow [2].
One example is already materializing in Benghazi. The new iron and steel complex of Tosyali and the Libyan United Iron and Steel Company is given as an example of the scale of industrial investment that might be attracted to Libya. The first phase is being developed around the generation of cold direct reduced iron with an annual capacity of 2.5 tons [2].
The technology in use also raises a question about what steelmaking might look like in years to come. The Benghazi project is planned to start up on natural gas but can be converted to hydrogen when it is economically viable. That flexibility could be increasingly important as international markets become more focused on the emissions behind the products they buy [2].
Libya still has its tough issues to work through, of course. The political split, regulation and uncertainty over institutions are still real issues for anyone investing in the country. The Fawasel article does not forget them. It speaks instead of economic activity already taking place as Libya continues to confront them [2].
The change is already visible in many construction sites, new infrastructure and industrial projects throughout Benghazi. But their true worth will be judged later, whether these projects turn into working businesses, whether they generate lasting jobs, whether Libyan workers acquire new skills and whether more products can eventually be made locally rather than imported from elsewhere [2].
Getting beyond oil does not mean leaving oil behind for Libya. That means building a little more around the position that country has today. Factories, local supply chains, skilled workers and businesses that can still operate for decades would give Libya what oil alone cannot, a broader economic base.And that might be the more important story behind the cranes now going up all over Benghazi [2].
References:
1. “Tosyalı Sulb Steel Industries Joint Company.” Tosyalı Holding,
www.tosyaliholding.com.tr/en/our-scope-of-activity/group-companies/international-subsidiaries/tosyali-sulb-steel-industries-joint-company.
2. Heba, and Heba. “From Oil to Industry: A Map of Investment Opportunities in the New Libya.
منصة ” 2026 .Fawasel Media, 18 Aug فواصل fawaselmedia.com/libya-reconstruction-beyond-concrete-2
