Govt banks on green hydrogen, oil & agriculture for growth & jobs

Namibia plans to accelerate industrial development and job creation by capitalizing on the green hydrogen industry, as well as the sub-sectors of oil and gas, and enhancing agricultural production.

President Hage Geingob made the pronouncement during the country's 33rd Independence Day anniversary in Otapi, emphasizing the need for urgency and coordination to achieve the desired outcomes.

"For this reason, we intend to move with lightning speed to capitalize on the myriad of economic endowments we possess, in a coordinated manner, recognizing the urgent need to create more new jobs. Indeed, it is a given that we must be forward-looking, and what better time to move forward than at this time when green shoots are on the horizon and our revival is within reach," he said.

"As a government, we understand the needs of our people for jobs, shelter, food, and self-actualization, and therefore we remain seized with improving the livelihoods of all Namibia's citizens with the understanding that only through shared prosperity can peace be maintained."

Namibia has set an ambitious goal for itself with Vision 2030, which aims to transform the country into an industrialized nation with high income.

"I am fully aware that after 33 years of sustained progress and numerous milestones, there is still work to be done for us to achieve the dreams and aspirations outlined in our National Development Plans and Vision 2030, which are augmented by the Harambee Prosperity Plans," Geingob said.

According to the National Petroleum Company of Namibia (NAMCOR), the country's two oil finds have the potential to generate US$5.6 billion in revenue at peak production, which could double Namibia's economy estimated at US$11 billion by 2040, as per Bloomberg.

Through its green hydrogen initiatives, the government expects to rack up close to N$4 billion in revenues per annum from Green Hydrogen projects, with contributions towards the Sovereign Wealth Fund and royalties expected to amount to N$627 million per annum once full production capacity is reached.

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Last modified on Wednesday, 22 March 2023 17:46

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