Somalia is formally recognised as the Federal Republic of Somalia and forms part of the Horn of Africa. Somalia’s economy is predominantly based mainly on livestock, remittance/money transfer companies, and telecommunications. Today Somalia now offers some of the most technologically advanced and competitively priced telecommunications and internet services in the world.
Somalia has upheld a healthy informal economy for a good couple of years now and is based mostly on livestock, money transfer companies and telecommunications. The mineral industry makes a small contribution to Somalia’s exports and economy in general. Agriculture employs most of the population in Somalia and also has a massive influence on the economy.
Mining Industry in Somalia
Somalia’s mineral industry produces quantities of mostly gemstones and salt with additional deposits of feldspar, gypsum, iron ore, kaolin, limestone, natural gas, quartz, silica sand, tantalum, tin, and uranium. Contributing to the economy, Somalia’s northern basement complex contains multiple high-grade metamorphic rocks which enclose at least two greenstone belts that are known to contain evidence of volcanogenic gold-rich base metal deposits.
Banking Industry in Somalia
Somalia’s private sector, particularly in the service sector, has enjoyed significant growth over the last several years. Agriculture is the most important economic sector. It accounts for about 65% of the GDP and employs 65% of the workforce. The currency used in Somalia is Somali shilling.
Engineering Industry in Somalia
Somalia’s government has placed major focus on the promotion of the country’s Low-cost Building and Construction Sector.
The project is regarded as an investment into the building materials and construction sector in Somalia and its three main regions. The project aims to generate high economic value through skills development, enterprise formation, building materials production and construction, and new employment.
Oil & gas Industry in Somalia
Major oil and natural gas discoveries have been made across the entire East Africa region, including Somalia. Projections of Somalia’s reserves, onshore and offshore, go as high as 110 billion barrels of oil. Additionally Somalia is likely to contain vast natural gas reserves, containing fields estimated at 100 trillion cubic feet of gas.
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