Libya Links Oil Wealth to Agricultural Growth

Libya is looking beyond hydrocarbons as it seeks to strengthen economic resilience, with agricultural development emerging as a key area for investment alongside continued oil exploration.

The North African producer recently brought together international agricultural specialists, companies and policymakers in Tripoli for the third Libya International Exhibition for Agricultural and Livestock Development and Supplies. The three-day event featured 55 local and international companies showcasing technologies for farming, irrigation, livestock production and agricultural machinery.

Participants from Canada, Italy, Turkey, Egypt, Jordan and Tunisia joined Libyan stakeholders, while academics from the University of Tripoli and diplomatic representatives took part in technical discussions and workshops focused on improving agricultural productivity and strengthening domestic food security.

For Libya, the push comes against the backdrop of an economy still heavily dependent on oil. Hydrocarbons account for more than 90% of government revenue, while the country holds an estimated 48.4 billion barrels of proven crude oil reserves, the largest reserves in Africa.

That resource base is also continuing to expand. Austrian energy company OMV recently identified an oil discovery in Libya with estimated recoverable resources of up to 45 million barrels. OMV holds a 12% interest in the C103 concession, with Zueitina Oil Company expected to oversee development of the reservoir.

The discovery highlights the continued importance of upstream investment to Libya’s economy, but the parallel push into agriculture points to a broader challenge facing resource-rich economies: converting energy wealth into wider economic development.

Modern irrigation, agricultural machinery, livestock technologies and other productivity-enhancing solutions could help reduce Libya’s dependence on imported food while creating opportunities for technology providers and investors.

For energy-sector stakeholders, the developments also underline the growing link between hydrocarbons, infrastructure and economic diversification. Oil revenues provide the financial foundation, while investment in productive sectors could determine how effectively that wealth translates into long-term economic resilience.

Libya’s strategy therefore extends beyond finding more oil. The challenge is increasingly about using its energy resources to build a more diversified economy, one capable of supporting food security, industrial development and sustainable growth.