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NIDA operating loss at N$102m in 2024 … as company launches first annual report

NIDA operating loss at N$102m in 2024 … as company launches first annual report

The Namibia Industrial Development Agency (NIDA) yesterday unveiled its annual report, themed ‘Geared Towards Sustainable Industries’.

The report covers the financial years from 2018/2019 to 2023/2024. 

The launch marked the agency’s first comprehensive publication in six years. 

This milestone demonstrates NIDA’s dedication to governance, and its pivotal role in driving Namibia’s industrialisation agenda. 

Julius Nghikevali, the executive consultant for the chief financial officer portfolio, took centre-stage to present the financial results. 

“Over the past six years, NIDA has seen a remarkable 30% increase in assets, reaching N$1.37 billion. Total income has surged by 20%, amounting to N$165 million from 2019 to 2024,” he proudly announced. 

Nghikevali delved into the agency’s liabilities and financial ratios, highlighting the sustained low gearing ratio of 22%, despite liabilities multiplying to N$248 million. 

“Although the current ratio has declined to 50% in 2024 from 79% in 2019, our annual total income has grown by 20% to N$165 million, while expenditure increased by 28% to N$231 million. We recorded a net profit of N$33 million in 2020, even though operating losses stood at N$102 million in 2024,” he elaborated.

In attendance was the finance minister Iipumbu Shiimi, who commended the NIDA finance team for their efficiency in compiling the annual report. 

He offered strategic insights and recommendations.

 “You have three periods of assets and do not require additional capital. What you need is working capital, not equity capital. These assets must be productive and generate cash to ensure the business’s sustainability. Capitalisation is unnecessary, as you already possess ample cash,” he noted.

Sebulon Kankondi, chairperson of the NIDA board of directors, officially launched the six-year annual report. Reflecting on NIDA’s journey since its inception in 2018, he acknowledged that the agency has yet to assume its rightful position at the forefront of industrial development. 

“Our newly-developed strategy outlines a path of growth, adaptation and strategic repositioning to ensure we remain an effective vehicle for industrial progress. NIDA was established with a clear purpose: to enhance, promote, facilitate and manage industrial development in Namibia. We envision a transformed and competitive Namibian economy, thriving on industrialisation, innovation and inclusivity,” he proclaimed.

He said NIDA’s mandate focuses on high-impact sectors such as agriculture, value-addition, import substitution, logistics, special economic zones’ development, energy, mining, manufacturing and industrial infrastructure. 

The agency aims to create an enabling environment that fosters job-creation, economic diversification and long-term national resilience through investment promotion and facilitation.

Despite facing financial constraints, NIDA has achieved significant milestones. 

The agency has seen steady income growth, expanded assets, and increased investments in key sectors. However, strategic interventions have been necessary to maintain sustainability. 

Looking ahead, Kankondi said NIDA’s 2026-2030 Integrated Strategic Business Plan outlines clear initiatives for enhancing financial sustainability, diversifying revenue streams, and strengthening cost management strategies. 

“The recent revaluation of NIDA’s property assets positions the agency to capitalise on future growth opportunities. As NIDA advances, its commitment to accelerating Namibia’s industrialisation agenda remains unwavering. The focus will be on organisational transformation, investment and industrialisation, digital transformation and financial sustainability. Long-term success is measured not only by financial growth, but also by job-creation, industrial empowerment and sustainable economic transformation,” he stated.  Deputy minister of industrialisation and trade Verna Sinimbo expressed pride in witnessing NIDA present its first annual report in six years. 

“NIDA’s contributions align directly with Vision 2030, the National Development Plans and the Harambee Prosperity Plan. Industrialisation is crucial for achieving long-term economic stability and social prosperity in Namibia. NIDA has spearheaded initiatives that reduce our reliance on raw material exports by adding value to our natural resources in agriculture, manufacturing and mining,” she said. 

She outlined projects such as the Kavango Cattle Ranch and Naute Irrigation Project, which have been instrumental in advancing agro-processing and food security.

Despite these achievements, challenges such as high unemployment rates and income inequality persist. 

NIDA remains committed to addressing these challenges through projects that create jobs, reduce inequality, and build a sustainable industrial base in alignment with national policies. 

-mndjavera@nepc.com.na