Here we again. Somali society went through some of the worst catastrophes known to man and yet here they are decades later still standing, if the world left us alone we would be in a better situation because we are a self-reliant people. There is no doomsday timeline that's like waiting to happen.
Remittances only make 2% of the economy. It used to be 20-45% more than a decades ago before it started dropping in 2012 but never was it 90% , what the hell are you even about?. You also don't seem to realize that Somalia's reliance on remittances came primarily from it's US/Ethiopia invasion and UN economically collapsing it backing in 2007 and US/UN sanctioning and freezing their business enterprises. It was a temporary measure, a life line.
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How do i know it's only 2%? because it only makes up 6% of mobile money transactions , the share of total mobile money stands at 36% according to World Bank and UN.
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So most of the economic activity in the country comes from local investment. In another thread i posted a video that broke down numbers of how it's basically local Somalis in Mogadishu that fund infrastructure projects etc. like roads and stuff like that, they are not reliant on the diaspora money to get stuff done as all of it come from locals.
Also factories and manufacturing literally made up 10-15% of the GDP in 2018. It probably is a higher share now. And multiple industrial facilities opening up in the country. At the time Mogadishu alone had 23 factories and 33 industrial facilities.
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This doesn't even include figures from Puntland and Somaliland, Galmudug etc other places that has many factories and including industrial facilities like cement plants, steel plant, salt productions, beverage factories, boat manufacturing factories, and are building a large fish industrial processing plant.
Somalia is rapidly growing it's manufacturing industrial base fueled by private businesses investments.
"This indicates that Somalia's future in manufacturing is promising due to the entrepeneural tendencies of its society"
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You are wrong about the conglomerates and businesses they heavily invest in renewable energy these past few years and work tiresly to make electricity more affordable and also invest in infrastructure building and support a bunch of stuff even education. The monopoly practices of buying ownership of small companies and buying out competitors is due to lack of government regulation (another down side of not having functional public sector)
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Beco for example which is an energy company owned by the conglomerate Hormuud is actually rolling out green renewable energy projects in Somalia. Aimed at supplying 75% of Somalia with electricity by the end of 2025.
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The have already completed like 2/3rd of it
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The
50MW bio-gas plant shows a push for sustainable energy using local resources instead of imported fuel. Basically they are taking advantage of how Somalia has large amounts of organic waste (livestock manure, crop residues, urban waste) that can be converted into
biogas. It's very cheap and sustainable in the long run.
But to me personally i believe Somalia is in excellent position to utilize geothermal energy within 1-5 years to meet it's energy demand while other sources like (diesel, hydro, wind and solar) play a complimentary and local role. I plan on making on thread on this though.
It's very achievable and provides more value because the energy companies are all local and not foreign owned.
The biggest problem with domestic Agriculture isn't storage or warehouse , you are talking nonsense. It's the fact that United States flood the market with cheap outdated grains and agricultural products that that dislodges and undermines domestic produce from the market. There is an easy fix to this.
Somalia used to be agriculturally self-sufficient country from the 70s to the mids 80s and it's easy to replicate, if the government put tariffs on foreign agricultural products it will force local consumers to purchase and reliance domestic production
With the emergence of investment in agricultural and food processing facilities, it will provide more wealth and boost domestic industry InshaAllah.
The future is actually looking pretty bright for Somalia, we are in a much better starting point in today's climate.