Observer Money

Chamwe Kaira The Namibian Ports Authority, also known as Namport, has confirmed that there are no intentions to construct ports in Oranjemund or Elizabeth Bay. The reason cited is the sufficient and planned capacity available in Namibia’s existing two ports. This announcement came from Namport’s CEO, Andrew Kanime, during the Oil and Gas Conference held in Windhoek. Kanime stressed that both the Port of Walvis Bay and Port of Luderitz will continue to play roles in serving the oil and gas industry, although their involvement may vary in intensity. He reassured that Namport has well-defined plans to support the needs…

Chamwe Kaira The Development Bank of Namibia (DBN) has allocated a substantial sum of N$19.4 billion as part of its transformative lending strategy aimed at addressing persistent economic challenges since its establishment in 2014. This revelation was brought to light by Hellen Amupolo, DBN’s Head of Investments, during a presentation on financing in the oil and gas sector titled ‘The Role of a DFI.’ The presentation took place at a recent oil and gas conference held in Windhoek. Amupolo highlighted that N$845 million has been committed to renewable energy projects, resulting in a combined capacity of 63 MW. In terms…

Chamwe Kaira Hangana Seafood Ltd, the company that entered the abalone farming industry in Lüderitz five years ago, has revealed a significant growth in their livestock. From 15 tons in 2018, their abalone production has surged to 90 tons in 2023. Abalone, a marine snail belonging to the Haliotidae family, has been at the center of their farming efforts. Herman Theron, the company’s managing director, shared that their expansion was hindered by various global events, such as the trade disputes between the USA and China, the Hong Kong protests, and the subsequent Covid-19 pandemic. These factors collectively limited their market…

Chamwe Kaira The Sovereign Wealth Fund was launched with an initial balance of around N$270 million in May 2022, has on the back of positive investment returns, increased its value to N$374 million. Bank of Namibia’s director of strategic communications and international relations, Kazembire Zemburuka told Observer Money that the Sovereign Wealth Fund Bill is currently in draft format and deliberations are underway to set funding rules from various revenue sources, along with withdrawal rules. “Meanwhile, the agreement that was signed to oversee the Fund between the Ministry of Finance and Public Enterprises and the Bank, remains applicable. An amount…

With Namibia’s energy sector and its overall economy on the cusp of unprecedented transformation given massive offshore oil and gas discoveries, now is the time for much-needed regulatory and other reforms, says energy law expert Shakwa Nyambe of SNC Incorporated. “There are some key gaps, particularly in the later stages of the lifecycle of oil and gas projects, after exploration,” commented Nyambe, who previously worked as a legal counsel at the National Petroleum Corporation of Namibia. “We may need separate regulations for development and production, and we need to do that now, because once we reach production it may be…

Chamwe Kaira The Road and Working Rail Group (WG) under the Walvis Bay Corridor Group recently convened a meeting to address several railway line upgrade projects. These projects include the enhancement of the Sandverhaar - Bucholzbrunn railway line along the Trans-Oranje Corridor, improvements to the Kranzberg to Otjiwarongo railway line, and upgrades to the Trans-Zambezi railway line within the Walvis Bay-Ndola-Lubumbashi Development Corridor (WBNLDC). The urgency for these upgrades arises from the deteriorated state of the railway lines, which, due to speed and weight restrictions, have been hampering cross-border trade between Namibia and South Africa. Gilbert Boois, the projects manager…

The Namibia Statistics Agency (NSA) faces challenges in accurately capturing the complete value of tourism in Namibia. This is largely due to the way businesses are categorized, such as the misplacement of airport transport shuttles within the transport category instead of the tourism sector where they rightly belong. This misclassification has led to concerns from various stakeholders who highlight the omission of the entire value chain associated with the tourism sector. “As a result, the sector’s true economic contribution is underestimated in the national accounts. To this end, the Namibia Tourism Board is busy compiling the 6th Edition Satellite Accounts…

In what is good news for uranium producing countries like Namibia, Sweden’s Climate Minister Romina Pourmokhtari has announced plans to lift the country’s ban on uranium mining and make way for greater nuclear energy capacity. The Swedish Parliament has shown majority support for a lift on the ban, according to Pourmokhtari. The government plans to build at least ten large reactors in the next 20 years to meet the demand for low-carbon energy. Swedish Prime Minister Ulf Kristersson told reporters in January that the government is “changing the legislation”, which will increase nuclear investment in the country. Swedish ministers decided…