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The Promise Beneath the Soil

Geological surveys and rising international interest suggest Somalia possesses significant reserves of oil, gas, and precious minerals, such as gold, iron ore, and uranium among others. These resources have the potential to:

• Increase national revenue
• Create jobs across sectors
• Fund infrastructure, education, and healthcare

·      Eliminate reliance on foreign aid

However, tapping into this wealth requires more than extraction — it demands robust institutions, transparent governance, and community-focused development.

Lessons learnt from Resource Dependency

Many nations have fallen prey to the "resource curse," where mineral wealth fuels corruption, inequality, and conflict. Somalia’s fragile institutions and historical challenges present risks such as:

• Mismanagement of contracts and revenue
• Environmental degradation
• Community displacement
• Intensification of clan-based divisions

True prosperity lies in balancing resource exploitation with inclusive development and long-term vision.

Agriculture & Livestock: The Economic Backbone

Agriculture and livestock remain Somalia's most vital sectors:

Key Statistics suggest that;

• Agriculture contributes 19.7% to GDP (or 65% when combined with livestock)
• Livestock alone accounts for over 40% of GDP and 50%+ of export earnings
• The livelihood of over 70% of the population depends on these sectors

Opportunities

• Boost productivity through conservation agriculture
• Expand market access and infrastructure – irrigation systems
• Add value to the livestock exports by processing meat and hides locally
• Diversify livestock exports beyond Gulf states
• Develop agro-processing and veterinary services

The Blue Economy: Somalia’s Coastal Advantage

Somalia’s coastline — the longest in mainland Africa — stretching 3333 km - harbours enormous potential across:

Fisheries & Aquaculture

• Rich waters teeming with tuna, shrimp, lobsters and sardines
• Aquafarming to tap to the world’s ever increasing demand for seafood
• Coastal lagoons ideal for farming tilapia, oysters and seaweed

Tourism & Renewable Energy

• Historic sites and beaches ripe for eco-tourism
• Wind and tidal energy projects to bolster rural electrification

Maritime Trade & Conservation

• Ports like Mogadishu, Berbera, Bossaso and Kismayo can emerge as global trade hubs due to their vicinity to global trade routes.
• Marine Protected Areas safeguard ecosystems for future generations

The Blue Economy can complement land-based development while protecting natural heritage.

 The Diaspora Asset: Global Roots, Local Impact

With over 2 million Somalis living abroad, the country has a unique opportunity to tap to their intellectual and financial resources. The Somali diaspora is an engine for growth and recovery and their contributions include:

• $2 billion annually in remittances but the sad news is though, according to (Wardheernews.com, 2025), Somalia imports roughly 50 tonnes of Kenyan Miraa every day. In 2023, with prices at around $23 per kilogram, this meant a daily spend of about $1.1 million— totalling nearly $420 million a year. With Kenya now doubling its prices, Somalia's annual outlay could soar to almost $1 billion. Half of that amount goes to Ethiopia which means, roughly, $1.5 billion of the annual remittance drains to the neighbouring countries.
• Ownership in 30–40% of major enterprises
• Leadership roles — 66% of regional and federal leaders are returnees
• Investments in education, health, infrastructure
• Young Somalis, raised and educated in the West, who are immune to the clan infection can be the difference.

Strategic engagement through diaspora bonds, reintegration programs, and inclusivity policies can amplify their impact.

Finally a Balanced Vision for Somalia

Somalia’s future isn’t defined by oil rigs or gold mines alone. It rests in the strength of its people, the wisdom of its leadership, and the sustainability of its choices. By embracing its agricultural roots, coastal advantages, and global connections, Somalia can chart a path toward inclusive and resilient prosperity.

Bibliography

1. National Economic Council of Somalia. (2024). Harnessing Somalia’s Blue Economy: Pathways to Sustainable Prosperity.
2. U.S. International Trade Administration. (2024). Somalia Country Commercial Guide.
3. IGAD & Government of Somalia. (2023). National Blue Economy Strategy (2023–2027).
4. RDI Africa. (2024). Emerging Sectors in Somalia’s Blue Economy: Biotechnology and Seaweed Farming.
5. Wardheernews.com - somalias-billion-dollar-miraa-addiction-a-nation-bleeding-cash-to-Kenya.
6. Afro Discovery. (2024). Marine Resources and Coastal Development in Somalia.
7. Somali Development and Reconstruction Bank. (2025). Unlocking Investment in Somalia’s Livestock Sector. Read the full report
8. Somali Development and Reconstruction Bank. (2025). Unlocking Somalia’s Untapped Blue Economy. Explore the article
9. Somali Progress Policy Brief. (2025). Enhancing the Livestock Sector in Somalia. View the brief
10. Ministry of Agriculture and Irrigation of Somalia. (2025). Country Report on Agriculture in Somalia. Access the report
11. Somali Development and Reconstruction Bank. (2025). Understanding Somalia’s Agricultural Sector. Review the analysis
12. World Bank. (2025). Somalia Economic Update: Reforming Somalia’s Security Sector. See the update
13. Oxfam America. (2025). Remittances to Somalia. Visit the resource
14. Danish Refugee Council. (2025). Somali Diaspora Engagement Overview. Explore the program
15. Somali Development and Reconstruction Bank. (2025). Somalia’s Dawn After Debt Relief. Read the article