Mogadishu (AX) — Somalia is seeking to turn newly confirmed deposits of uranium, lithium and cobalt into a magnet for investment as President Hassan Sheikh Mohamud steps up efforts to develop the country’s natural resources.
Mohamud announced the findings Saturday while opening the Somalia Development Financing Forum in Mogadishu, where officials and participants discussed economic expansion, investment and ways to increase government revenue.
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“Today, the world is keenly interested in minerals, particularly so-called critical minerals,” Mohamud said. “Whether it is uranium, lithium, cobalt or many others currently sought after globally, their presence in Somalia has been confirmed.”
The president gave no information on the deposits’ size, locations or whether they can be developed commercially.
Somalia possesses a broad range of potential resources, Mohamud said, including minerals, fisheries, livestock and agricultural land. Developing those sectors, he added, will require investment, technical knowledge and cooperation with international partners.
The announcement comes as the federal government continues its drive to advance Somalia’s oil and gas industry.
Mohamud said his administration was working to create more favorable conditions for both Somali and foreign companies. He identified security, transparent regulations and capable institutions as essential to building investor confidence.
According to the president, those improvements are also needed to encourage industrial development, expand economic infrastructure and streamline the process of doing business.
The Somalia Development Financing Forum focused on government plans to accelerate economic growth, attract capital and improve domestic revenue collection as the country works to establish a more durable economic foundation.
