Emmanuel OchayiIn a step towards economic revitalization, Libya has resumed stock market trading in the capital city’s hall on Monday, marking the end of a more than nine-year closure due to tumultuous political and security challenges.
Prime Minister Abdulhamid al-Dbeibah, alongside Bashir Mohamed Ashour, Chairman of the board of directors, and other dignitaries, ceremoniously rang the bell to signify the market’s reopening.
Al-Dbeibah emphasized the market’s pivotal role in bolstering Libya’s economy, citing its potential to double the gross domestic product and mitigate the state’s budget deficit.
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“The importance of the stock market lies in its ability to enhance economic growth and alleviate financial strains on the state’s budget,” stated Al-Dbeibah, underscoring the market’s efforts to attract more companies for listings.
Lamin Haman, the market’s media adviser, disclosed that while eight out of 10 listed companies were scheduled for trading on Monday, only three participated.
Reports suggest that Benghazi, Libya’s second-largest city, is poised to resume trading activities in its trading hall next week.
Established in 2006, the market faced multiple closures, initially following the collapse of Muammar Gaddafi’s regime in 2011 and subsequently during the 2014 civil war, which divided the nation between opposing eastern and western factions.
The resurgence of Libya’s Stock Market signifies a promising stride toward economic stability and growth amidst the country’s tumultuous recent history.
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