Martin Endjala
NAMIBIA Investment Promotion and Development Board (NIPDB) Chief Executive Officer, Nangula Uaandja says the discovery of oil and gas has the potential to alleviate or solve inequality, poverty and unemployment in the country.
Uaandja said this at the official launch of the Oil and Gas Conference which is set for August 16-17.
The conference has the backing of the Mines and Energy Ministry and is being organised by the The Economic Association of Namibia, the Namibia Investment Promotion and Development Board (NIPDB), and the Hanns Seidel Foundation Namibia (HSF), with the National Petroleum Corporation of Namibia (NAMCOR) serving as the strategic partner.
With the latest oil finds, Namibia is quickly establishing itself as one of the world’s frontiers for oil exploration, which has the potential to fundamentally improve its economy.
The conference will be held under the theme, “Leveraging the Recent Oil Discoveries for Inclusive Development,” and will bring together key Namibian stakeholders as well as those involved in the global oil and gas value chain to discuss the prospects and difficulties associated with building the oil and gas sector.
According to Wood Mackenzie’s 2023 report, the huge natural resources of Namibia are projected to include 11 billion barrels of oil and 2.2 trillion cubic feet of natural gas reserves.
Uaandja advocated for both local and international participation and highlighted that the conference will focus on the real topical issues at hand in terms of how the oil and gas discovery can benefit Namibians and how the country can maximise on the discovery.
She said the discovery of oil and gas has the potential to alleviate or solve inequality, poverty and unemployment in the country.
“Before criticising the discovery, Namibians should be mindful and allow the sector to grow as envisaged, because its results could lead to a success story for Namibia. The conference will further look at how the country can organise itself to ensure that the discovery of oil and gas is well preserved and lessons are learned from other countries who discovered the same natural resources.
“As Namibians, we need to make sure that we do not leave everything behind and only focus on the oil and gas and its benefits, then when one day it is no longer here or no longer in demand we therefore as a nation go back to the poverty level,” said Uaandja.
She reiterated that there must be concerted efforts to make sure that this is sustained and benefits maximised for Namibia and her people.
Uaandja added that the country needs to make sure that oil is not only drilled and exported out of the country, without benefiting the upstream or downstream along all the value chains.
She explained that many of the burning issues such as those calling for government 100 percent ownership of the industry and inclusion of SMEs, will also be on the table for discussion.
While at the same time urged all Namibians and stakeholders to ensure that they partake in the discussions and air their concerns as well as give proposals.
Economic Association of Namibia (EAN) Chairperson Jason Kasuto, who also spoke at the same event, said the discovery of oil and gas in the country has become a typical issue by virtue of the potential Gross Domestic Product (GDP) and household income impacts which the new industry can bear.
“As Namibians, we know our problems are poverty, unemployment and inequality. Therefore, it is important that we grab this opportunity with both hands to help us design a better future. We need to own our problems and we need to own the process of solving them, if the oil and gas industry brings some promise, let us open it up and engage, “said Kasuto.
Subsequently, Kasuto urged Namibians not to shy away from real conversations such as energy transition and the green hydrogen ambitions.
The conference will also mark the EAN’s annual conference which is hosted every year with topical issues that shape economic development.
Last year’s conference was centred on green hydrogen and this year will be on oil and gas.
The conference will be hosted in collaboration with the First National Bank, EAN, Namibia Petroleum Company, Hanns Seidel Foundation and the government.
