Second hypermarket opens in Libyan city of Benghazi as economy grows

The Géant brand is owned by the French-based Casino retail group, with the local Libyan franchisee being Senwan Holdings, a Benghazi-based company with various interests in import, retail and construction.  

Géant’s latest store in Benghazi covers 5,000 square metres across two floors and complements the first Géant hypermarket opened in January 2023. It sells foodstuffs, household items, kitchen equipment, meat, clothes, sportswear, toys, games, stationery and workshop equipment, 

According to a report published by the Libya Herald, Senwan is on record as saying it plans further Géant store openings in the country. In Africa, Géant has a presence in Egypt and was previously in the Republic of the Congo (also known as Congo-Brazzaville), Gabon and Senegal. 

Comments Trendtype, the emerging markets consultancy: “The new Benghazi store is a testament to a prolonged period of relative stability and economic growth in Libya, which is currently one of the best-performing markets in Africa.  

“This is also seeing a modest transformation of the retail landscape, including investment to modernise the grocery retail sector.” 

Civil turmoil made the country largely ungovernable 

The economy of oil-rich Libya was thrown into chaos by a political uprising which saw the country’s leader, Colonel Muammar Gaddafi, overthrown in 2011. The subsequent civil war made it largely ungovernable and it was run by various factions and local warlords. 

A World Bank report estimates that the instability cost the country US$600-billion over 10 years. Without conflict, Libya’s 2023 GDP could have been 74% higher than it was. 

The World Bank predicts GDP growth in Libya of 9.6% in 2025 and 8.4% in 2026. Non-oil GDP growth is projected to average around 9% during 2025-2026. 

Says Ahmadou Moustapha Ndiaye, Country Director for the Maghreb and Malta at the World Bank: “In the medium term, Libya faces the challenge of diversifying its economy and reducing its reliance on hydrocarbons. Stability and improved governance will be fundamental to Libya’s economic recovery, as can be seen from the heavy economic losses due to instability in recent years.” 

Adds a World Bank report published in December 2024: “With a Gross National Income (GNI) per capita of $7,570 in 2023, Libya is recognised as an upper-middle-income country. By prioritising non-oil sectors and encouraging private sector-led growth, Libya can unlock high-value job opportunities and enhance its development indicators.” 

Encouraging strong private sector participation in the Libyan economy is still relatively new. Also, by the admission of Prime Minister Abdul Hamid Dbeibah, the banking sector in Libya “has not yet awakened and is in a deep slumber, whether in the public sector or the private sector”.