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Policymakers urged to address unequal distribution of wealth

2024-04-19  Correspondent

Policymakers urged to address unequal distribution of wealth

LÜDERITZ – Linda McLeod, consultant at the Namibian Investment Promotion and Development Board (NIPDB), has encouraged policymakers to address the unequal distribution of wealth from the oil and gas sector.

Currently, despite large contributions to the gross domestic product (GDP), only a small portion of these revenues flow down to local communities.

On the margins of the Namibia Local Content Conference in Lüderitz, McLeod told Nampa that measures must be put in place to ensure a fair distribution of income, with a focus on growing local content involvement.

“Namibians aspire to see a proportionate share of the GDP derived from the oil and gas sector benefiting local communities. From upstream to downstream activities, there should be opportunities for Namibians to participate and reap the rewards of this burgeoning industry,’’ she said.

She added that Namibia, renowned for its breath-taking landscapes and diverse wildlife, is increasingly becoming a focal point in the global energy landscape due to its burgeoning oil and gas sector.

“As the nation embarks on this journey of exploration and production, there is a growing call for increased local participation to ensure that the benefits are shared equitably among its citizens,’’ she said.

She also encouraged the facilitation of conferences across the country, with the aim of educating and involving communities in the opportunities presented by the oil and gas industry.

By bringing these conferences to various regions, more Namibians can access vital information, and participate in discussions about their involvement in the sector, she said.

She stated that fostering partnerships between local businesses and international oil companies can be an approach to increasing local participation, and that by forming alliances, Namibian enterprises can leverage their local knowledge and resources while gaining access to the expertise and technology provided by global players.

“As Namibia charts its course in the realm of oil and gas, the collective effort of government, industry stakeholders and local communities is indispensable, said McLeod.


2024-04-19  Correspondent

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