Author: Maihapa Ndjavera (Maihapa Ndjavera )

As Namibia’s urban population is expected to increase from 52% to 60% by 2030, the country’s demand for formal housing is increasing with urbanisation and offers a key economic opportunity. 

An astronomical increase in prices for household oils and fats, which increased by more than 15% in March 2022 compared to 9.4% recorded during the same time last year, is beginning to take its toll on informal traders. 

For the month of May 2022, Namibia’s exports earnings stood at N$5.7 billion, down by 5.2% on monthly basis, while the imports bill amounted to N$10.2 billion, up by 1.9% on monthly basis resulting in a trade deficit of N$4.6 billion. This is up 12.3% when compared to 4.1 billion observed in April 2022. 

Mines minister Tom Alweendo has reiterated his stance that the presence of oil in Namibia can be beneficial, and does not automatically need to lead to the dreaded oil curse. 

An impending deal with the European Union to jolt Namibia’s ambitious green hydrogen sector and at the same time reduce the economic bloc’s own dependence on Russian energy
means the fruits of recent economic diplomacy efforts, as witnessed over the past few months, are becoming visible. 

The agriculture, forestry and fishing sector has not been spared from the pressure of market distortions resulting from the Covid-19 calamity.

The domestic economy’s performance continued an upward trend, recording a growth of 5.3% in the first quarter of 2022 when compared to a decline of 4.9% registered in the corresponding quarter of 2021.

A N$15.2 million tax refund scam uncovered by the Namibia Revenue Agency and revealed at the end of March this year, has now more than doubled to N$36 million.