New year key for Geingob’s ‘legacy term’
• ...Urges Namibians to face 2023 with confidence
The discovery of oil reserves off Namibia's coast "will positively transform our country's economic landscape and the well-being of our people", the head of state said.
Brigitte WeidlichWindhoek
In his new year’s address, President Hage Geingob projected optimistic forecasts for Namibia’s economic growth and urged residents to face 2023 with confidence after three difficult years.
After being re-elected by a reduced majority in 2019, many have dubbed Geingob’s second and last term in office as one that could make or break his legacy. With only two years remaining on his term, the Namibian president knows he’s in a race against time.
Namibia’s economy is recovering and is expected to do better in 2023, with agriculture, mining and the information and communications sector as the main drivers.
“Our tourism sector is experiencing a recovery after Covid-19 and that brings more optimism,” Geingob said on New Year’s Eve.
In Egypt during a climate summit last month, Namibia signed a landmark agreement with the European Union to cooperate on the production of green hydrogen and the responsible extraction and value creation of critical raw materials.
Namibia has received over N$1.52 billion in grant commitments.
“As early as this year, various projects related to green hydrogen in the Erongo and //Karas regions will start developing a world-class synthetic fuel industry,” the head of state said.
Government negotiations with Hyphen Hydrogen Energy for a hydrogen plant in the south of the country are progressing well and the implementation agreement is expected to be finalised by the end of March, followed by a N$2.4 billion feasibility study, he added.
Oil and gas
The discovery of potentially huge oil reserves off Namibia’s coast by Qatar Energy, Shell and Total Energies “will positively transform our country’s economic landscape and the well-being of our people”, Geingob said.
These discoveries were among the ‘top 20 in the last 10 years’ worldwide.
According to international experts such as Wood Mackenzie, Namibia could receive around N$500 billion in foreign direct investment. Estimated production of 6.5 billion barrels of oil annually “could bring in between N$60 billion and N$95 billion in taxes and royalties [per year].”
According to Geingob, the new oil and gas sector “could create over 3 600 jobs at peak production and double Namibia’s gross domestic product to approximately N$636 billion by 2040”.
The head of state added that the landing of the Equiano internet cable at Swakopmund last year is set to boost the communications sector. Revenue from the South African Customs Union (SACU) is also expected to be higher this year.
“We bid farewell to 2022 and welcome 2023, the year of revival, one of awakening the strength of a resurgent nation that looks to the future with renewed hope and optimism. It is time for our collective revival, to shape our future step by step as we march towards shared prosperity,” Geingob said.
In his new year’s address, President Hage Geingob projected optimistic forecasts for Namibia’s economic growth and urged residents to face 2023 with confidence after three difficult years.
After being re-elected by a reduced majority in 2019, many have dubbed Geingob’s second and last term in office as one that could make or break his legacy. With only two years remaining on his term, the Namibian president knows he’s in a race against time.
Namibia’s economy is recovering and is expected to do better in 2023, with agriculture, mining and the information and communications sector as the main drivers.
“Our tourism sector is experiencing a recovery after Covid-19 and that brings more optimism,” Geingob said on New Year’s Eve.
In Egypt during a climate summit last month, Namibia signed a landmark agreement with the European Union to cooperate on the production of green hydrogen and the responsible extraction and value creation of critical raw materials.
Namibia has received over N$1.52 billion in grant commitments.
“As early as this year, various projects related to green hydrogen in the Erongo and //Karas regions will start developing a world-class synthetic fuel industry,” the head of state said.
Government negotiations with Hyphen Hydrogen Energy for a hydrogen plant in the south of the country are progressing well and the implementation agreement is expected to be finalised by the end of March, followed by a N$2.4 billion feasibility study, he added.
Oil and gas
The discovery of potentially huge oil reserves off Namibia’s coast by Qatar Energy, Shell and Total Energies “will positively transform our country’s economic landscape and the well-being of our people”, Geingob said.
These discoveries were among the ‘top 20 in the last 10 years’ worldwide.
According to international experts such as Wood Mackenzie, Namibia could receive around N$500 billion in foreign direct investment. Estimated production of 6.5 billion barrels of oil annually “could bring in between N$60 billion and N$95 billion in taxes and royalties [per year].”
According to Geingob, the new oil and gas sector “could create over 3 600 jobs at peak production and double Namibia’s gross domestic product to approximately N$636 billion by 2040”.
The head of state added that the landing of the Equiano internet cable at Swakopmund last year is set to boost the communications sector. Revenue from the South African Customs Union (SACU) is also expected to be higher this year.
“We bid farewell to 2022 and welcome 2023, the year of revival, one of awakening the strength of a resurgent nation that looks to the future with renewed hope and optimism. It is time for our collective revival, to shape our future step by step as we march towards shared prosperity,” Geingob said.
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