Namibia Prepares for Oil Boom with Focus on Local Capacity and Revenue Management

The Bank of Namibia recently hosted its 2026 Annual Symposium to discuss the country's preparedness for its emerging petroleum sector. The event focused on the critical choices needed to secure long-term value from the nation's oil resources, with a particular emphasis on building local institutional capacity and establishing sustainable revenue management mechanisms.

The Governor of the Bank of Namibia, Ebson Uanguta, highlighted three priorities that should guide Namibia during the pre-production phase: building domestic capabilities, strengthening institutions and regulatory frameworks, and integrating petroleum revenues and supply chains into the broader macroeconomy. He noted that the pre-production period provides an opportunity to strengthen foundations required for long-term benefits.

The Minister of Industries, Mines and Energy, Modestus Amutse, delivered a keynote address outlining the government's priorities for converting petroleum discoveries into national value. He emphasized the need for fit-for-purpose legislation, capable institutions, a strong national petroleum company, and effective environmental protection. The Minister also stressed the importance of local content participation, calling for closer coordination among government agencies and industry stakeholders.

The symposium featured technical presentations from experts in the field, including Dr Emma Haiyambo, Director of Research and Financial Sector Development at the Bank of Namibia. Her presentation highlighted the impact of oil and gas on the economy, with foreign direct investment inflows reaching approximately N$74.4 billion between 2021 and 2025.