Namibia and Botswana prioritize economic diversification and resource management

Namibia and Botswana are advancing discussions on transforming natural resource wealth into sustainable prosperity through economic diversification and strong institutional frameworks. During a collaborative engagement hosted by the Bank of Namibia and the University of Namibia, officials emphasized the need to move beyond resource reliance to mitigate exposure to external economic shocks.

Bank of Namibia Governor Ebson Uanguta highlighted the importance of local value addition, technology transfer, and domestic supply chains, particularly as the nation explores oil, gas, renewable energy, and green hydrogen. He noted the Welwitschia Fund, established in 2022, serves as a critical mechanism for managing revenues through an Intergenerational Fund and a Stabilisation Fund.

In a separate development, Namibia is aligning its mineral beneficiation priorities with the Southern African Development Community (SADC) industrialisation goals. Minister of International Relations and Trade Selma Ashipala-Musavyi stated that creating regional value chains is essential for inclusive development. This aligns with African Union objectives to ensure at least 20 percent of continental exports are value-added.