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...
Vice President (VP) Netumbo Nandi-Ndaitwah has urged Namibian businesspeople to be prepared to play their role in ensuring the country reaps the benefits of the African Continental Free Trade Area Agreement (AfCFTA). AfCFTA is the world’s largest free trade area, bringing together the 55 countries of the African Union, and eight regional economic communities. The...
Government has taken issue with the lucrative fishing sector in a 2024 report from the National Planning Commission (NPC). The report focuses on Namibia’s third voluntary national review progress on the implementation of the Sustainable Development Goals towards Agenda 2030. “There is a need to strengthen and fast track all relevant governance legislation to ensure...
The Namibia Local Business Association met with President Nangolo Mbumba at State House on Wednesday to express concern over issues they see as pertinent to the survival of local businesses. The smuggling of cheap fuel from Angola, protection of local businesses, the repo rate and government procurement formed part of the discussions. The State House...
Electronic money or e-money is now viewed as the most convenient and efficient method of conducting financial transactions. With e-money, individuals can make payments and transfers electronically, eliminating the need for physical cash. Bankers Association of Namibia (BAN) CEO Brian Katjaerua said this week that by December 2023, N$67 billion had been transferred through e-moneychannels...
Government is making the necessary preparations to ensure the country is able to meet its Eurobond obligations on 29 October 2025. This is according to finance ministry spokesperson Wilson Shikoto, who stated Namibia is ready to repay its largest single-day debt maturity in the country’s history. Bonds are investment securities where an investor lends money...
After resolving to prohibit the exportation of Namibia’s critical minerals in raw form to create more local jobs and local value last year, Cabinet now endorses a maximum quantity of 1 000kg for mineral analysis per annum per exporter or producer. This submission was made by the mines and energy ministry last week, and applies...