The ICS revealed that Libya, despite the high potential for domestic and foreign investment in Libya due to its reconstruction needs, unmet consumer demand, and rich natural resources, the country still faces a difficult investment environment. Libya holds Africa’s largest (and the world’s ninth largest) proven oil reservesLibya holds Africa’s largest (and the world’s ninth largest) proven oil reserves and Africa’s fifth largest gas reserves. For instance, a group of southern protestors closed Sharara oil field, Libya’s largest, in January 2024. NOCThe National Oil Corporation (NOC), an independent, apolitical institution, continues to lay the groundwork for the long-term development and stabilization of the energy sector. Libya’s Investment Law of 2010Libya’s Investment Law of 2010 is the main legal framework for promoting foreign direct investment (FDI).
