Rise of Somalia - 2024 - 2028

[Three Moons]

2017 - 2023 saw Somalia hit several major milestones for the resuscitation of the Somali state including the SCAA, the debt-relief, the lifting of the arms-embargo, etc but the 2024 - 2028 period will be the most interesting years that will either make or break Somalia for the future decades and generations to come. I will use this thread to update about new milestones and targets;

2024 - 2028 - Somalia

Electrification rate 75% - would enter the Top 20 percentile of Africa. A 100% rate could be achieved if Somalia took advantage of the various renewable energy funds available like the World Bank Clean Energy Initiative.

SPI performance (80-100) - would enter the Top 10 percentile of Africa.

Urbanisation rate - is already in the top 20 percentile today and could break the top 10 with a massive boom in residential and affordable housing projects across the country that naturally comes with peace.

Deepwater ports - has the most deep waters ports on the African continent.

Road network - is already in the top 20 in terms of a paved road network and could be much higher with new flagship projects.

Digital economy - is already an African leader when it comes to access to internet, affordability, adopting new technologies, mobile money market, etc

GDP - currently stands at $34 billion ppp according to the IMF 2024 report and is projected to be $43 billion in 2028, which would place the country in Africa’s top 25 give or take, though I’m optimistic if stability was maintained and the informal economy was steadily incorporated the figure could be much higher and could crack the top 20.

GDP Growth rate - 3.7% annually today, expected to be 4.3% in 2028, which would make one of the consistently growing states in Africa.

Population - based on the current growth rate would be in the top 25 African countries with the largest populations in 2028.

If this and other milestones are being achieved in just the next four years, can you imagine where the country will be in the next 10 to 15 years with peace?

WORLD ECONOMIC OUTLOOK (OCTOBER 2023) 15 INDICATORS, 1980 - 2028

 

[Three Moons]

 

[Sup]

 

[JamalFarah]

In sha allah, wealth and prosperity to our nation and people.

 

[Mahmud33]

We are on the cusp of total success. Let’s not allow the last kicks of a dying empire trying to sabotage our success bring us down. Guul Somaliya

 

[محمود فارح]

Any updates, brother, about oil? What do you expect will happen?

 

[Mahmud33]

Any updates, brother, about oil? What do you expect will happen?

Somalia doesn’t need oil to be successful we have lots of other energy sectors that we can exploit that said it would be a nice revenue stream.

 

[محمود فارح]

Somalia doesn’t need oil to be successful we have lots of other energy sectors that we can exploit that said it would be a nice revenue stream.

What are your expectations for the next few years for the country?

 

[RiceMuncher]

Any updates, brother, about oil? What do you expect will happen?

Check this paper estimating the Afgoi gas reserves as much as 20 trillion cubic feet.

http://www.amsasconsulting.com/Amsa%20Consulting%20%20Block%20Potential_15OCT2014.pdf

 

[Zkr]

Somalia doesn’t need oil to be successful we have lots of other energy sectors that we can exploit that said it would be a nice revenue stream.

Big potential on wind turbines and water dams.

 

[Three Moons]

KIMS Microfinance signs partnership agreement with Gargaara Finance Limited to boost jobs in Somalia

Mogadishu (HOL) - Somalia's leading non-banking financial institution, KIMS Microfinance, signed a strategic partnership agreement with Gargaara Finance Limited, a specialized apex financing facility to enhance job opportunities for young men and women in the Horn of Africa country.

Under the agreement, Gargaara will provide KIMS with an expandable, Shariah-compliant line of financing. KIMS will utilize this funding to enhance its provision of financing to Micro and Small Enterprises (MSEs) across the country.

Speaking at the announcement ceremony in Mogadishu earlier this month, Mustafa Abdi Ali, Chairman of KIMS Microfinance, expressed that the partnership agreement would enable KIMS to expedite its goal of providing increased opportunities to growing companies and entrepreneurs, particularly women and youth.

Since 2014, KIMS Microfinance has granted over 38,000 Shariah-compliant loans to MSEs, with a total value of USD 37.6 million. This financing has created over 25,000 jobs for women and youth groups from various segments of society, including refugees or internally displaced persons. KIMS operates through eight branches throughout Somalia, maintaining a solid portfolio with a Portfolio at Risk greater than 30 days remaining under 3%.

KIMS offers a range of client-centric small and microenterprise loan products, covering Trade and Commerce, Fisheries and Agricultural Value Chains, Livestock financing, Solar Home System financing, and Education financing. In addition to individual loans, KIMS provides a group loan product for vulnerable clients with income-generating activities, allowing them to access loans through a mutual, group guarantee model.

According to a statement from KIMS, it operates a pro-poor business model intentionally focused on supporting economically active but vulnerable women and youth as priority clients. The current portfolio of KIMS comprises 40% women and 61% youth (aged 18-35).

The statement further noted that with the support of Gargaara and other key investors, KIMS' current five-year business plan aims to finance 77,000 cumulative clients by 2027, solidifying its position as the leading provider of Sharia-compliant microfinance services in Somalia.

However, Gargaara Finance Limited, incorporated by the Ministry of Finance in Somalia in 2019 and backed by over $30 million in funding from the World Bank and the German Development Finance Institution, KfW, has entered a strategic financing partnership with KIMS. This marks the first instance of Gargaara extending its financing to a non-banking financial institution (NBFI).

According to the Somalia Country Economic Memorandum, more than two-thirds of the active labour force are self-employed in Somalia due to limited formal wage employment opportunities. Women and youth face barriers to economic participation.

 

[SamaaleCushite]

2017 - 2023 saw Somalia hit several major milestones for the resuscitation of the Somali state including the SCAA, the debt-relief, the lifting of the arms-embargo, etc but the 2024 - 2028 period will be the most interesting years that will either make or break Somalia for the future decades and generations to come. I will use this thread to update about new milestones and targets;

2024 - 2028 - Somalia

Electrification rate 75% - would enter the Top 20 percentile of Africa. A 100% rate could be achieved if Somalia took advantage of the various renewable energy funds available like the World Bank Clean Energy Initiative.

SPI performance (80-100) - would enter the Top 10 percentile of Africa.

Urbanisation rate - is already in the top 20 percentile today and could break the top 10 with a massive boom in residential and affordable housing projects across the country that naturally comes with peace.

Deepwater ports - has the most deep waters ports on the African continent.

Road network - is already in the top 20 in terms of a paved road network and could be much higher with new flagship projects.

Digital economy - is already an African leader when it comes to access to internet, affordability, adopting new technologies, mobile money market, etc

GDP - currently stands at $34 billion ppp according to the IMF 2024 report and is projected to be $43 billion in 2028, which would place the country in Africa’s top 25 give or take, though I’m optimistic if stability was maintained and the informal economy was steadily incorporated the figure could be much higher and could crack the top 20.

GDP Growth rate - 3.7% annually today, expected to be 4.3% in 2028, which would make one of the consistently growing states in Africa.

Population - based on the current growth rate would be in the top 25 African countries with the largest populations in 2028.

If this and other milestones are being achieved in just the next four years, can you imagine where the country will be in the next 10 to 15 years with peace?

WORLD ECONOMIC OUTLOOK (OCTOBER 2023) 15 INDICATORS, 1980 - 2028

We have no rail and no industrial sectors nor mass educated populace. We have many politicians but few honest to god patriots. Its very bleak sxb most infrustructure is patching up of old ones and laying down basic ones that wont last 10 years. The future of the country is no longer in the hands of somalis in somalia but somalis in diaspora, they must be the ones who develop it. Tip to tip from every region each politician habar, odey and crook seek wealth above duty.

I have predicted (from historical trends) and i promise you unless Allahs hand guides it not, the hope for the country is in some diaspora movement started by highly educated somalis. China left medival outlook and Qin was overthrown thanks to sun yat sen a diaspora advocate.

Somalis in Somalia are sadly quite hopeless sxb under the cheer of federal state "success" you will see much to be done and so little being done. Its a zombie nation being put to life with few hopes here and there but still plagued by hatred and millenia old clan issues and nepotism.

Al kebab is the dark shadow of the more noble SYL it is a corruption of our own doing.

 

[Idilinaa]

Bump

Awsome post. @Three Moons need to come back and drop some more of these progress updates, potentialities and predictions.

 

[geeljre49]

Bump

Awsome post. @Three Moons need to come back and drop some more of these progress updates, potentialities and predictions.

When oil money starts rolling in and FDI increases after liberation of the country from AS terrorists, that’s when the real development will come. Peace and stability should be number 1 priority

 

[MaliMohamed]

Cope thread. But deep down I would like to believe this