The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, said that the Libyan economy suffers from major distortions that need quick treatment, pointing to the need to reduce dependence on oil and create a diversified economy to replace oil.

In his speech during a meeting of the Board of Trustees of the National Economic and Social Development Board, Al-Kabeer explained that the national economy suffers from many distortions, including that the shadow economy in Libya represents 60% of the national product, while the official private sector contribution does not exceed 5%. 

He added that it is necessary that there be projects in Libya that reduce the total dependence on oil, warning that the demand for oil will not continue as it is now after ten years, and it is necessary to start creating a diversified economy to maintain the national economy.