Somalia

Federal Republic of Somalia

Somali, Arabic Somali Shilling (SOS) Mixed: Islamic law (Sharia), customary law (xeer)
AU, IGAD, Arab League, AfCFTA, OIC
Somalia is rebuilding its economy and institutions after decades of conflict. The country has a vibrant private sector, particularly in telecommunications (Hormuud Telecom operates one of Africa's most affordable mobile networks), remittances ($2+ billion annually from the diaspora), livestock exports, and emerging fisheries. Mobile money (EVC Plus by Hormuud) is widely used. The Federal Government of Somalia joined the IMF/World Bank debt relief process (HIPC completion point). Challenges include security (Al-Shabaab), clan politics, and limited formal regulatory frameworks.
Snapshot Focus Sectors Regulations & Taxes Businesses (5) People (2)

Snapshot

Population~17.0 MWorld Bank WDI
GDP (current USD)$12.9 BIMF WEO
GDP per Capita$760IMF WEO
GDP Growth3.70%IMF WEO
Inflation (y/y)~3.50%Central Bank / IMF
Internet Use~20.00%World Bank WDI
Electrification~49.00%World Bank WDI
CPI Score (Rank)11.0/100 (#180)Transparency Intl
HDI (Rank)0.380 (#191)UNDP HDR

Focus Sectors

Livestock
Telecoms (Hormuud)
Remittances
Agriculture
Fisheries
Construction
Port Services

Regulations & Taxes

Corporate Income TaxNot formally established (informal tax)

Business Directory (5)

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AM

Amal Bank

Corporate

Banking Somalia

MogadishuCorporate
DA

Dahabshiil

Corporate

Africa largest remittance company

MogadishuCorporate
DA

Dahabshiil Somalia

Corporate

Remittances Somalia

MogadishuCorporate
HO

Hormuud Telecom

Corporate

Somalia largest telecom

MogadishuCorporate
PR

Premier Bank Somalia

Corporate

Banking Somalia

MogadishuCorporate

Tenders

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Consultancy Services to Development & Implementation of a Three-Year Change Management Strategy (2026-2028)

World Bank-financed: Somalia Enhancing Public Resource Management Project

WTO Regional Trade Integration Advisor

World Bank-financed: Somalia productive, resilient, and inclusive growth (SPRING) project

WTO Technical Coordination and Policy Advisor

World Bank-financed: Somalia productive, resilient, and inclusive growth (SPRING) project

WTO Market Access Advisor

World Bank-financed: Somalia productive, resilient, and inclusive growth (SPRING) project

Data Notes: Population, GDP, and GDP per capita are latest IMF WEO / World Bank estimates. Inflation is year-over-year. Trade data from UN Comtrade/OEC (2023). Tax rates from PwC/KPMG country guides. CPI from Transparency International. HDI from UNDP Human Development Report.
Narrative last updated: April 8, 2026.