In her first state of the nation address, Namibian President Netumbo Nandi-Ndaitwah said her administration will focus on ensuring Namibia produces its first oil “within the shortest timeframe”.
The president said her administration will accelerate strategic partnerships, streamline regulatory processes, and invest in critical infrastructure to unlock the full potential of Namibia’s hydrocarbon resources.
“This milestone will not only fuel our energy security, but also drive rural and peri-urban electrification, job creation, local capacity development and sustainable growth for generations to come,” she said.
The president also revealed that the Welwitschia Sovereign Wealth Fund, established in 2022 to secure generational wealth, has grown steadily from an initial seed capital of N$262 million in May 2022, to N$450 million in January.
The Namibian economy is estimated to have grown by 3.8% in 2024, reflecting a slowdown from 4.2% recorded in 2023, while it is expected to expand to 4.5% in 2025.
“While government debt remained high at 61% of gross domestic product for the year under review, we are hopeful that the projected expansion of economic activity in 2025 and 2026 can lead to a reduction in Government debt,” she stressed.