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The oil and gas sector primarily serves as a source of substantial revenue for the government rather than a significant creator of jobs, an economist said. The sector has generated considerable excitement among Namibians, following recent discoveries. “Oil and gas are not a job-creator, but will generate potential revenues for government. Government needs to be...
The number of new loans issued in Namibia during the first quarter of 2024 increased by almost 10% to 166 452. This represents a quarter-to-quarter increase of 9.8%, and a 16.1% increase year-on-year (y/y). This uptake in loans suggest a robust demand for financing, indicative of a strengthening lending environment. This can have broader implications...
Deputy executive director of the Ministry of Mines and Energy Erasmus Shivolo said to date, there are about 1078 registered small mining claims in the whole country. This he said is a huge number compared to the population. “As you know, small-scale miners (SSM) generally work in groups of five to eight people or sometimes...
Namibia continues to exploit its renewable energy potential and smart relationships to position itself as a significant participant in the global green hydrogen market. Through these renewable efforts, the country aims to promote economic growth, create significant employment, and contribute to the worldwide fight against climate change. On Wednesday, green hydrogen commissioner James Mnyupe touched...
The interaction of Namibia’s growing population and the existing housing backlog underlines the urgent need for effective policy interventions and increased investment in housing development. The inability to address underlying concerns of land availability, housing affordability and economic inequality will cause an already untenable situation to deteriorate, thereby posing new social and economic challenges in...
The Namibia Investment Promotion and Development Board (NIPDB), says projects with a combined value of N$28 billion are now classified as capital deployed. This means investors for the projects have started acquiring land and assets to bring these projects to fruition. This exciting news was shared by NIPDB’s communications manager Catherine Shipushu while responding to...
Industry pundits believe Namibia is facing a watershed moment in its nascent petroleum sector, prompting calls for the implementation of a structured licence bidding system to increase openness and accountability in the sector. Such an approach is viewed as being critical to the successful management of the country’s natural resources. In a presentation last week...
The usually sleepy harbour town of Lüderitz is abuzz with new developments linked to oil and gas discoveries. This is combined with the promise of a flourishing green hydrogen industry, but now the town faces expansion challenges. This is as new investors are rushing to capitalise on the emerging sectors. “Town expansion is taking a...
Namibia could become a crude oil exporter in the early 2030s when several projects reach their production peaks. This optimism is fuelled by concerted efforts to conclude appraisal, and shift the gear to development in the oil discoveries. Interim managing director at the National Petroleum Corporation of Namibia (Namcor) Ebson Uanguta made these remarks while...
Trade minister Lucia Iipumbu stated the 2024 SADC Summit that took place in Zimbabwe last week paved the way for the commencement of the Tripartite Free Trade Area (TFTA) agreement. This will ultimately allow for direct trade among the subscribing countries, and should eventually bring the region closer to the broader goals of the African...