STAFF WRITER
NAMIBIA Investment Promotion and Development Board (NIPDB) on Tuesday said Namibia is set to double its Gross Domestic Product (GDP) by 2040, thanks to increasing investor appetite in the oil industry.
Speaking at the ongoing Oil and Gas conference in the capital running under the theme ‘From exploration to action’,NIPDB Chief Executive Officer Nangula Uaandja lauded Namibia for being ranked the top investment destination in Africa by the Foreign Direct Investment (FDI) Intelligence, through their 2025 Green FDI Greenfield FDI Performance Index.
She said ‘Namibia ranked first in Africa and second globally in the 2025 reading of the Green FDI Performance Index, moving up 10 places from the previous year.
“Recent offshore oil discoveries have dramatically changed the country’s economic trajectory. Fields in Namibia’s offshore Orange Basin, where total and shore drilled multiple exploratory walls, with 11 billion barrels of light oil and 2.2 cubic feet of natural gas reserves, according to US International Trade Administration (ITA) .
“That will put Namibia’s reserves on par with those of frontier oil sensation beyond. If proven commercially viable, the oil finds could unlock an unprecedented revenue windfall for the Namibian government, more than doubling the country’s GDP by 2040,” Uaandja said.
Meanwhile ITA report said if Namibia’s oil find is proven commercially viable,it could unlock an unprecedented revenue windfall for the country with the potential of doubling the country’s GDP by 2040,
“Stability, rule of law, including an independent judiciary, and openness to investment have all been conducive to attract foreign investment to the country,” said Uaandja.
Recently an annual survey by the Canada-based Fraser Institute ranked Namibia fourth in Africa for its investment attractiveness to mining companies behind Morocco, Botswana and Zambia in 2023.
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