As foreign investment levels continue to flow into Namibia, concerns are mounting about the lack of local engagement and knowledge among Namibian entrepreneurs. Despite a wealth of opportunities available, many locals remain unaware of the heightened potential that resides within their own economy.
CEO of the Namibia Investment Promotion and Development Board (NIPDB) Nangula Uaandja made these remarks yesterday during an information sharing-session hosted at the Government Information Centre.
The NIPDB is the national body tasked with public and private sector collaboration to ensure and promote the nation’s business-conducive climate. As part of its core mandate, the NIPDB seeks to attract and retain investments while at the same time promoting Namibia as a place to develop, live, invest and work.
“We have all noted with concern that most of the investors approaching us are foreign nationals. We cannot have an economy that is solely reliant on foreign investment. It is essential for Namibians to recognise and engage with the opportunities that exist right here at home,” said Uaandja.
Namibia is attracting significant investment in renewable energy and climate change mitigation due to its abundant natural resources ,and its goal of becoming the first African nation to achieve net-zero emissions. Many Namibians are missing out on potential business ventures simply due to a lack of information. “Many of our people are not seeing where the opportunities are,” the CEO added.
She noted there is a need to come up with a strategy that goes beyond simply talking about support for MSMEs, but to create a solid programme that drives the establishment of Namibian businesses. To address this issue, she stated the NIPDB is working on developing an information portal aimed at providing accessible data on investment opportunities in the country.
“Our goal is to identify these opportunities, and push them to Namibians. We want to work closely with regional governors and local institutions to ensure that this information reaches every corner of the country,” she added.
The proposed information portal is expected to serve as a centralised database where entrepreneurs can access current market demands and investment prospects. Additionally, there is a call for collaboration among various stakeholders, including chambers of commerce and educational institutions. “By working together, we can help our local entrepreneurs find their footing in this competitive landscape,” said a local business leader. “Education and awareness are key. We need programmes that empower our people to take charge of their economic futures.”
Uaandja further encouraged locals to visit the NIPDB office for direction and assistance, assuring business people that there is always a way. “It’s time for us to identify these opportunities, and ensure that Namibians are at the forefront of our economic growth,” the CEO encouraged.
Investments
At the same occasion, Uaandja stated that total foreign direct investment from 2021 to 2023 totalled N$73 billion, with only N$33 billion attributable to oil and gas. FDI as a percentage of nominal gross domestic product stood at 19% in 2023. According to FDI Intelligence, which evaluates FDI and macroeconomic trajectories of the top 50 destinations worldwide, Namibia has registered a high investment momentum for the
year. FDI Intelligence identifies leading nations in FDI and macro-economic growth as the world struggles with patchy post-Covid recovery. “Over the year, Namibia’s direct investment liabilities rose mainly due to equity injections for oil and gas exploration, and appraisal activities. Lower FDI inflows were observed on a quarterly basis on account of a reduction in the uptake of intercompany loans extended to domestic subsidiaries operating in the mining sector, as well as lower retained earnings by foreign-owned entities,” stated the Bank of Namibia in its quarterly bulletin.