Economy

Economy (712)

A showdown is looming between the government and the Namibia Transport and Taxi Union (NTTU) after the Ministry of Transport said it has not received any request for a review of taxi fares.

Ministry of Finance and the Ministry of Fisheries and Marine Resources have invited bids for 11 090 metric tonnes (MT) of Horse Mackerel in their first Governmental Objective Fish Quota auction for the year.

The Namibia Business Angel Network (NABAN) hosted its first pitch event in Windhoek, where four Founder teams were selected to pitch before a network of angel investors for an investment.

President Hage Geingob on Wednesday said the country’s much-awaited Sovereign Wealth Fund will be launched in May this year.

Ratings agency Moodys has downgraded Namibia's long-term issuer and senior unsecured ratings to B1 from Ba3 and moved the outlook from negative to stable.

The Central Procurement Board of Namibia (CPBN) says it has procured goods and services worth N$18.96 billion since its inception in 2017 on behalf of public entities.

 Namibia has the potential to generate over N$500 billion in potential revenues in the coming decade through taxes and royalties charged to the oil sector, an investment advisory firm has said.

The country’s Southern region is expected to benefit from a huge influx in investment inflows and increased employment opportunities following the discovery of oil and plans by the government to attract Green Hydrogen projects in the region, but concern is that the jobs may be temporary.

Namibia’s trade within the Southern African Customs Union (SACU) has declined from a high of 53.1% of the country’s total trade in 2017 to 43% in 2021, latest figures show.

Leon Jooste has resigned as Minister of Public Enterprises and Member of Parliament with effect from 31 March 2022 after handing in his resignation to President Hage Geingob on Wednesday.

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