Namibia’s gross domestic product (GDP) is anticipated to experience double-digit growth within the next few years once the production of green hydrogen, oil and gas commences, an official has revealed.
The National Petroleum Corporation’s (NAMCOR) acting Managing Director, Ebson Uanguta, said this growth would be the first of its kind in over 30 years.
He emphasised the transformative potential of oil and gas production in the country.
“Once the production starts, our economy, possibly in the next couple of years…we can start realising double-digit growth. I think over the last 30 years, we have never seen that (double-digit growth), but it’s likely to start once production starts,” said Uanguta at a recent Nedbank Namibia industry engagement.
Uanguta also addressed public expectations and the need to clarify the impact of the oil and gas sector alongside the burgeoning green hydrogen industry.
“The public must know because there are a lot of expectations, there is a lot of hype on oil and gas, and there is a lot of hype on green hydrogen. There are certain things that we need to demystify. There are certain things that we need to affirm as well,” he said.
He highlighted the complementary relationship between oil and gas and green hydrogen, dismissing the notion of competition between the two.
“Green hydrogen and oil and gas are not mutually exclusive. They are rather continental. From what we believe we are getting from our government policy, the Energy Policy of 2016 clearly articulates the energy use of the country,” Uanguta explained.
At the same event, the President of the Chamber of Mines of Namibia, Zebra Kasete, highlighted the mining sector’s current contributions and its potential for further growth.
“In the last year, 75% of the sector’s revenue was consumed internally in the country. The GDP contribution of interest for the previous year was 11.9%, and last year it was 14.5%, which is a good contribution,” he said.
He added that the mining industry in Namibia currently employs a total of 18,200 people.
“Currently, the mining industry in Namibia employs a total of 18,200 people, both contractors and full-time employees, with almost 9,000 full-time employees, 97% of whom are Namibians,” he said.
