The mining sector, which is considered one of the most important pillars of the national economy, is expected to be affected by weak global demand. The Bank of Namibia (BoN) quarterly bulletin released last week, the domestic economy is expected to grow by 3.1%in 2024, and then expand by 3.9% in 2025. The projected growth...
After terminating the employment contract of former managing director Immanuel Mulunga, board chairperson of the National Petroleum Corporation of Namibia (Namcor) Florentia Amuenje said the national entity has the right to deduct from his payout. “Such amounts as are due to it from you on the date of termination of your contract of employment,” reads...
The National Petroleum Corporation of Namibia has fired managing director Immanuel Mulunga. He was accused of committing fraud by withholding information from the company’s board, and that he breached conditions of his employment when he transferred funds for the purchase of an oil block in Angola. Mulunga directed that an amount of US$6.7 million...
Finance minister Iipumbu Shiimi said the government is now targeting multinational companies to ensure that tax avoidance is minimised. He said big companies in the country have been avoiding paying taxes for almost 15 years, with the excuse of making losses. A tax loss carry forward is a provision that allows businesses or individuals to...
Vice President Netumbo Nandi-Ndaitwah has urged the country to explore ways to utilise local uranium resources. Namibia is ranked as the world’s third-largest producer of uranium, but the country still imports about 70% of its electricity. “As our country becomes a more prominent player in the supply of uranium, we should also consider how Namibia...
National Housing Enterprise CEO Gisbertus Mukulu said the enterprise is grappling with many challenges when it comes to providing housing in Namibia. Scarcity of land, high land prices, rising building material costs and restricted funding were among the issues, he stated. Mukulu made these remarks yesterday while providing an update at the Government Information Centre. ...
The National Petroleum Corporation of Namibia (Namcor)’s downstream operations are facing a working capital deficit of about N$1.6 billion. Downstream is the part of the oil and natural gas industry responsible for the refining, distributing and retailing of petroleum products. Working capital is the difference between a company’s assets and liabilities. It measures a company’s liquidity and short-term...
Mines and Energy minister Tom Alweendo told Namibians not to be distracted by other interpretations that might have a different meaning other than that the resources are theirs. He said they have all the rights to decide how to share it with those who are investing in the exploitation of such natural resources. The minister...
Since its inception, the Namibia Revenue Agency (NamRA) has pumped billions of dollars into national coffers by continuously exceeding its collection targets. NamRA collected a net amount of N$21.4 billion in three months.This amounts to 25.10% of the revenue projection for the current fiscal year, FY2024/25. The significant increase in revenue-collection is expected to give...
Green industrialisation is expected to establish a new growth trajectory for Namibia by addressing current structural challenges. This emerging industry is expected to deliver high-skill jobs, increased productivity, create new markets, attract foreign direct investment (FDI) and position Namibia as a climate leader. This course of action is contained in a document titled; “A blueprint...