First National Bank (FNB) Namibia’s Commercial Enterprise banking segment, which caters to medium corporate clients with turnovers from N$60 million to N$800 million, is integral in enabling local businesses. 

This is true for a range of industries in which the segment specialises – from tourism and agriculture – to construction, logistics and energy head of FNB commercial’s enterprise banking segment Connie-Marlene Theyse last week told New Era.

 “That’s why we are emphasising that we need to continue upskilling ourselves in understanding how these industries work so that we can identify those opportunities for our customers, as well as advise them accordingly, and get the correct products to them. We also formulated strategies specifically around this, which will filter through to products and services that speak to enabling the Namibian economy to
grow.”

She noted the burgeoning oil and gas industries, where numerous opportunities exist for local companies to provide support services. 

“We have Namibian companies supporting the exploration and drilling activities by providing support services; such as catering to the vessels, accommodation, transport, logistics and engineering, amongst others. 

Therefore, there are tangible opportunities in the oil and gas value chain for Namibians to participate. It comes down to the government’s intention on the local content policy, which was created to ensure that Namibians can become part of, and participate in the value chain,” she said.  

Theyse added that as more of these exploration activities commence in Namibia and final investment decisions are made, substantial decisions emerge regarding infrastructure for the activities following exploration and within the energy space. 

These decisions will increase the domestic tax base, as more revenue will flow into State coffers. 

This will ultimately boost the gross domestic product due to the local procurement of goods and services, and grow Namibia’s economy across the board. 

Commenting on the role the financial services’ sector plays in supporting the oil and gas industry, she said: “There will be a place for normal debt funding, working capital and more short-term facilities. There will also be opportunities for equity to grow these local companies and development finance institutions, so sometimes it can be a combination of different funding mechanisms to grow a business”. 

She added that because of Namibia’s unique environment, beautiful landscapes and many natural protected areas, it is crucial for the oil and gas industry to work in harmony with the tourism industry. 

“We cannot grow one economic growth sector, and neglect the essential tourism industry.”  

As the head of FNB’s enterprise banking segment within the FNB commercial division, her primary role is to align her team with the vision, goals and directions of the departmental strategy. 

Meanwhile, a relatively new face in the FNB commercial’s enterprise banking segment, Naftal Akweenda, who was appointed as a commercial relationship manager in July this year, clarified the segment looks at the entire energy sector. 

This includes renewable energy, specifically solar, and then the oil and gas value chain. 

He said: “The impact we’ve seen from the oil and gas sector is that, as a bank, we’ve had to upskill ourselves internally by building the necessary capacities to understand not only the sector itself, but the surrounding value chain”.  He added it is crucial to understand the different value chains. 

This includes the value chain actors within the oil and gas sector. 

He noted that FNB is focused on how they can support these clients.  “In order to support the upstream activities, you will see increasing infrastructural
development. And that’s where the economic growth will come from. You’ll also see the transfer of skills, as the government encourages local participation. And with that, you will see the transfer of skills and technology from international players into the local market for further development.  These are some of how the development of the oil and gas sector within Namibia and various other energy sources can contribute to local job-creation in supporting industries, and ultimately contribute to economic growth,” Akweenda added. 

– ebrandt@nepc.com.na