Libya

Libya holds Africa's largest proven oil reserves (48.4 billion barrels) and is a major OPEC producer. The economy is almost entirely dependent on hydrocarbons, which account for over 95% of export revenues. The National Oil Corporation (NOC) oversees production through joint ventures with international companies including ENI, TotalEnergies, and Repsol.

Political instability since 2011 has severely impacted economic development, with rival governments and periodic disruptions to oil production. Infrastructure and banking systems remain functional but strained. The country has a high GDP per capita by African standards due to oil wealth and a relatively small population (7 million).

Libya's strategic location on the Mediterranean, massive energy reserves, and infrastructure reconstruction needs represent significant opportunities for companies with appropriate risk appetite. The business environment remains highly challenging due to political uncertainty, security risks, and weak institutional frameworks.