NNN: ‘Foreign investment on our terms’

President-elect Netumbo Nandi-Ndaitwah has said foreign direct investment was welcome as long as it was "in accordance with our terms".Namibia has become an oil exploration hotspot after companies including TotalEnergies and Shell, announced major discoveries, although an unexpectedly high percentage of gas in the fields could slow development.Speaking at a press conference last week following the announcement of her presidential victory, Nandi-Ndaitwah did not say anything about her policy on oil and gas.The fact that Swapo will remain in power should reassure energy investors hoping for continuity, said Graham Hopwood, executive director of the Institute for Public Policy Research (IPPR)."The Swapo manifesto spoke of greater local content and participation in the oil and gas sector but did not commit to specific timelines or targets," he said."Investors will likely feel they can deal with these prospects as long as they are consulted."ManifestoSwapo will “swiftly” enact comprehensive legislation to regulate the oil and gas industries, ensuring local ownership and participation, along with related provisions, it said in its election manifesto.The party committed to ensuring that Namibians hold a substantial and equitable stake in the oil and gas sectors.It will prioritise awarding contracts to Namibian businesses for the supply of goods and services in these industries.Swapo will Increase financial support for Namcor, implementing strict accountability measures to ensure Namibia receives its fair share from the extraction of oil and gas resources.It will allocate a portion of natural resource revenues to support social development initiatives.Swapo will conduct a feasibility study to explore the establishment of a refinery for value addition to oil and gas in Namibia, the manifesto stated.‘Radical shifts’At last week’s press conference, Nandi-Ndaitwah also pledged "radical shifts" to fix the country's high levels of poverty and unemployment."It's not going to be business as usual," Nandi-Ndaitwah, 72, said of her presidency. "We must have radical shifts in addressing the plight of our people."She did not lay out specific plans, but mentioned a need for land reform and more equitable distribution of wealth.Namibia is classed by the World Bank as an upper-middle-income country but it is one of the most unequal in the world.A 2021 government report found that 43% of the population were living in "multidimensional poverty", a measure that takes into account income as well as access to education and public services among other factors. - Own report and Reuters

NNN: ‘Foreign investment on our terms’

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