Namibia’s mining industry injected N$24.154 billion into the local economy in 2024 through procurement from Namibian-registered businesses, the Chamber of Mines of Namibia has revealed.
The Chamber said the figure represented approximately 46.2% of the sector’s total revenue of N$52.295 billion recorded for the year, underlining the mining industry’s commitment to supporting local economic growth.
“A total of N$24.154 billion was spent on goods and services procured from Namibian-registered businesses. The mining industry not only stimulates national economic activity but also strengthens small and medium enterprises, supports local employment creation, and contributes to long-term socio-economic development in Namibia by maintaining a high proportion of local procurement,” the organisation said.
In addition to strong local procurement, the Chamber reported a notable rise in employment within the mining sector. Total direct employment increased by 13.6% to 20,654 jobs, up from 18,189 in 2023.
“This growth highlights the continued expansion of the sector, despite a few retrenchments reported during the year. The steady rise in employment underscores the industry’s resilience and its contribution to national job creation efforts. Employees in the mining sector collectively contributed N$1.695 billion in Pay-As-You-Earn (PAYE) tax, further emphasizing the sector’s role in supporting public revenue,” the Chamber said.
The sector’s total wage bill reached N$7.996 billion in 2024, reflecting mining’s significant impact on household incomes and the broader economy.
Meanwhile, Namibia’s mining sector recorded marginal improvements in both revenue and profitability compared to the previous year. Total revenue increased by 1.4%, from N$51.572 billion in 2023 to N$52.295 billion in 2024.
Profitability according to the Chamber , also rose by 3.3%, climbing from N$2.731 billion to N$2.819 billion over the same period.
Despite these gains, the industry’s fiscal contribution to government coffers declined sharply in 2024, the organisation said.
The Chamber noted that corporate taxes, royalties, and export levies fell by 23.8%, 11.3%, and 0.28%, respectively.
