The Deputy Governor of the Central Bank of the Republic of Somaliland, Hamse Abdirahman Khaire, has described livestock as the backbone of Somaliland’s economy, emphasizing its critical role in generating national income, creating jobs, and earning foreign exchange for the country.
Speaking at the official launch of the Xoolo-jire Program, an initiative introduced by Micro-Dahab, Mr. Khaire said the livestock sector remains one of Somaliland’s greatest economic assets and continues to make a significant contribution to the country’s development.
“Livestock is a major source of income for the country. It creates employment opportunities and is one of Somaliland’s primary sources of foreign currency earnings,” he said.
The Deputy Governor praised Micro-Dahab for introducing the Xoolo-jire Program, describing it as a timely initiative that will help modernize livestock services, improve financial inclusion for livestock owners, and strengthen one of Somaliland’s most important economic sectors.
Microfinance Driving Economic Growth
Mr. Khaire also highlighted the growing contribution of Somaliland’s microfinance institutions, noting that they have become key drivers of economic expansion by providing access to finance for businesses and entrepreneurs.
According to the Deputy Governor, microfinance institutions invested a total of US$25 million across Somaliland during 2025, an investment that generated US$40 million in assets, representing a 66 percent return on the capital invested.
He said the figures demonstrate the positive impact of microfinance on the country’s economic development and wealth creation.
Call for More Investment in Productive Sectors
While describing the performance of the sector as encouraging, Mr. Khaire urged financial institutions to increase investment in productive industries capable of creating sustainable employment and boosting national production.
He stressed that financing should prioritize projects that generate jobs, raise household incomes, and strengthen Somaliland’s productive capacity.
“Microfinance institutions invested US$25 million in the country during 2025. That investment generated assets worth US$40 million, representing a 66 percent return. This is an encouraging achievement, but we must continue expanding investment directed toward productive sectors—investments that create jobs, increase citizens’ incomes, and strengthen the productive capacity of our country,” said Deputy Governor Khaire.
The launch of the Xoolo-jire Program reflects growing collaboration between Somaliland’s financial sector and the livestock industry, with stakeholders seeking innovative financial solutions to support pastoralists, improve livestock services, and further strengthen a sector that remains the cornerstone of the national economy.