Over the past year, the Namibian private sector secured a total of N$3.73 billion in credit. Individuals received N$2.07 billion, and corporations took up N$1.66 billion. The demand for credit among individuals has shown some resilience, with an annual growth rate of 3.1% in November. Overdraft facilities saw a slight increase of 0.4%, while mortgage...
Mines and energy minister Tom Alweendo has responded to Shell’s recent announcement regarding its write-down of about N$7.5 billion (US$400 million) related to oil discoveries in Petroleum Exploration License (PEL) 39. He said the decision is not a setback for the country’s oil ambitions. Shell determined that the discoveries made in some of the wells...
Multichoice continues to face financial challenges as highlighted in its latest interim financial results for the period ending 30 September 2024. The company reported a substantial revenue decline of 10%, dropping from N$27.9 billion to N$24.8 billion. This is primarily due to a decrease in its linear subscriber base, which fell by 11% year-on-year, losing...
NAMIBIA’S electricity imports have surged to 28.4% year-on-year, highlighting the country’s ongoing struggle with local energy generation. The Bank of Namibia stated that local electricity production fell by 6.5% during the third quarter of 2024. This is exacerbated by reduced water availability and technical issues at the Ruacana hydro-power plant. “This decline in local generation...
The construction sector in Namibia is grappling with a challenging landscape as the real value of building plans approved has significantly decreased. During the third quarter of 2024, this value fell by 40% year-on-year and 15.8% quarter-on-quarter, totalling N$315.2 million. “Being a leading indicator for future construction activity, this is not a good development for...
In Otjinene, a small bakery known as Omboroto Yetu is fighting for survival due to competition brought to its doorsteps by established entities allegedly deploying unfair pricing. At the moment, Omboroto Yetu is grappling with the harsh realities of competition from larger corporations, particularly in light of aggressive promotional strategies by Shoprite and Namib Mills,...
MALTAHÖHE – The Maltahöhe community has expressed concern over the recent concession awarded for the Farm Arbeit Campsite. The concession also includes a related shuttle service in the Namib Naukluft National Park. In a letter dated 20 November 2024 and addressed to the executive director of the environment ministry, representatives from the Witbooi Traditional Authority...
MARIENTAL – In the southern region of Hardap, the political rivalry between Swapo and the Landless People’s Movement has intensified, shaping the landscape of recent elections. The vibrant colours of both parties, Swapo’s red, green and blue alongside LPM’s orange and white, dominated the campaign trails, signalling a fierce competition for voter allegiance. The 2024...
Mobile Telecommunications Limited (MTC) has invested N$533 million in fibre deployment over the past five years, a move aimed at enhancing connectivity and supporting the growing demands of various sectors. As the company prepares for an anticipated expansion in the energy sector next year, it acknowledges that this is a much-needed intervention. Also, in its...
The first mobile telephony company in the country, Mobile Telecommunications Limited (MTC), stated it remains unshaken by the potential introduction of Elon Musk’s low earth orbiting satellite communication company, Starlink. This is as Starlink, a wholly owned subsidiary of Musk’s SpaceX, currently faces regulatory hurdles in Namibia and across many other African countries. At its...