Libya’s Population is expected to reach about 7,5 million 2025, with over 50% under 30 years old. Such youthful demographic drives demand for modern technology, education, and employment opportunities.

Libya’s GDP in 2023 was $50.49 billion (Trading Economics, 2024). Based on the projected growth rate of 7.8%, Libya’s GDP for 2024 would reach $54.43 billion (IMF, 2024).

The World Investment Report 2023 estimated Libya’s FDI to reach $18.4 billion by 2024, accounting for 42% of the GDP.

Libya’s economy is heavily reliant on oil, which accounts for approximately 60% of GDP equivalent to $30.29 billion and over 90% of government revenue (World Bank, 2024) with an estimated growth of about 6.2% reaching to $34.71 billion in 2025 (AFDB, 2024).

Urban centers like Benghazi & Tripoli are hubs for economic activity, accounting for 16.2% and 11.8% respectively of the consumer base for 2024 (Worldometers, 2024).

Building personal relationships & trust is critical in Libyan business dealings. Long-term investments in local relationships lead to greater success. Localization of services, including marketing & communication, is essential for connecting with local partners & consumers.

Key sectors include energy, building & construction, agriculture, telecommunications & consumer electronics, retail, manufacturing & machineries, education, healthcare, apparel, packaging solutions, F&B, hosting, and services in addition to retail & wholesale trade.

Private businesses often partner with international firms due to limited local capacity. That has led to open opportunities for partnerships to strengthen SMEs through capacity building & supply chain integration.