The discovery of oil deposits in the Orange offshore basin is a golden opportunity. This represents the opportunity to double its economic growth and free itself from the exploitation of diamond and uranium mines.
Once exploitation of the two oil fields in the Orange offshore basin begins, they could produce 8 billion barrels of crude.
Thus, once commercialized, Namibia will be able to double its economic growth. Namibia hopes to become the 5th largest crude oil producer in Africa by 2035.
The Namibian economy currently relies on the exploitation of diamond mines. They only represent around 6% of GDP and 20% of the country’s export earnings in 2023.
The discovery of new deposits could become the country’s second source of income. It is estimated that it would bring economic growth to 8% within a few years.
Minister Tom Alweendo in charge of Mines and Energy explains to the media that this discovery represents a double opportunity for the country.
“If these oil discoveries are exploited to their full potential, Namibia could double the annual growth of its gross domestic product. It’s huge”he says.
In order to meet this challenge, the Minister of Mines and Energy, Tom Alweendo, recommends putting potential oil and gas revenues into inclusive economic policies.
He also advocates maximizing job creation, as this is essential in a situation where the unemployment rate in Namibia is expected to reach 20.29% in 2024.
The development of the country must go through the local transformation of resources. And to do this, a qualified local workforce remains essential.
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