The government is committed to ensuring that the development and exploitation of the recently discovered oil resources will be transparent and benefit Namibia’s people and future generations.
This is according to President Hage Geingob who gave the assurance that government will plan the distribution and utilisation of the benefits of these resources so that all Namibians participate in the country’s prosperity.
Geingob was speaking during Namibia’s 32nd Independence Celebrations in Swakopmund on Monday.
“I re-emphasise that no one must be left out. Thus, together, we will march towards victory in the second phase of the struggle for economic liberation.
We will do this through systematic, goal-directed interventions, such as the enactment and implementation of policies such as the economic empowerment framework and greater emphasis on local procurement in all sectors,” he said.
A review of public and private sector policies and eliminating institutionalised practices that hamper the growth of small and medium enterprises owned by previously disadvantaged Namibians and businesses in general, he added, will also be carried out.
The President also highlighted the government’s relentless pursuit of new areas for investment that will catalyse economic growth and job creation, including green hydrogen and ammonia.
He went on to say that in order to position the country to compete in a global market for green hydrogen, the government has taken the initiative to develop this sector as a means to achieve a globally competitive offering and sufficient infrastructure for maritime export.
“Preliminary market estimates indicate that the economy stands to absorb potential foreign direct investment of N.dollars 95 billion (US$6 billion), producing two million tons of ammonia, to generate over N.dollars 13 billion (US$800 million) in revenue per annum and house generation assets of 5 Gigawatt with the capability to produce power at less than 3 US cents per kilowatt.
The project alone is expected to employ 20 000 Namibians over a period of time,” Geingob announced.
Having secured successful bids for green hydrogen and ammonia feasibility studies, the country has managed to inject impetus into the advancement of the Southern Corridor Development Initiative, he further noted, adding that these interventions are an absolute must for the advancement of persons who have been economically disadvantaged by past discriminatory laws and practices.