Africa-Press – Namibia. THE mining sector recorded N$52.3 billion in revenue last year, contributing 13.3% to Namibia’s Gross Domestic Product (GDP).
This was highlighted by Carlo Lord Muhamed McLeod, Deputy Head of the Upstream Petroleum Unit in the Presidency, who was speaking on behalf of President Netumbo Nandi-Ndaitwah. He made these remarks at the opening of the Chamber of Mines Mining Expo and Conference, held at the Windhoek Showgrounds. He described the mining industry as a cornerstone of Namibia’s economy, noting its crucial role in job creation and economic development.
“The industry generated N$52.3 billion in revenue, contributed 13.3% to our GDP, and created over 2,600 new jobs, bringing total direct employment to 20,843 — a 14.6% increase from the previous year,” McLeod said.
Photos: Chamber of Mines Namibia
He further highlighted the sector’s strong local economic impact, particularly through procurement and fiscal contributions. He noted that the industry contributed N$5.62 billion to the national fiscus through taxes, royalties and levies.
“In 2024, mining companies spent N$23.94 billion on goods and services from Namibian businesses, representing 46.2% of the industry’s total revenue and 62% of total procurement. This level of local procurement is a powerful driver of inclusive economic growth, supporting thousands of Namibian-owned enterprises across the country. The sector also contributed N$5.62 billion to the national fiscus through taxes, royalties and levies, despite a decline from the previous year due to weaker diamond revenues. This includes N$3 billion in corporate taxes, N$2.26 billion in royalties, and N$360 million in export levies,” McLeod said.
Despite global economic uncertainty and geopolitical challenges, he noted that Namibia’s mining sector continues to show resilience and long-term promise. He emphasised the country’s growing reputation as a leading African destination for mining investment.
“This investor confidence is clearly reflected in the actions of Chamber of Mines members, who increased their total exploration expenditure by an impressive 38.1% in 2024. This represents a total of N$1.23 billion — a record since independence,” McLeod added.
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