Africa-Press – Namibia. AS Namibia stands on the brink of a transformative era with the recent offshore discoveries in the Orange Basin, among the most significant hydrocarbon finds globally, economist from Simonis Storm have advised that the country take lessons on how to effectively manage its oil sector from Norway.
Economist Almandro Jansen says the comparison isn’t rooted in Norway’s oil discovery but in its management of this finite resource, turning geological luck into lasting prosperity.
He says Norway prioritised institutional strength, resilience, and long-term equity over short-term rent-seeking, establishing a model worth emulating rather than merely imitating.
The Orange Basin’s estimated billions of barrels in recoverable reserves signal a shift for Namibia from potential-rich to production-ready. This generational opportunity promises economic growth, but history warns of profound risks.
Across the developing world, oil wealth has often fueled fragility, inequality and fiscal mismanagement rather than progress. Therefore, Namibia must avoid this ‘resource curse’ to ensure its newfound status benefits all citizens. Jansen, of Simonis Storm, a key voice in Namibia’s financial sector, adds that there is a need to understand the urgency of this moment.
“Namibia has a rare chance to build a future where oil revenue drives sustainable development, not just elite enrichment. We must invest in robust governance and diversify our economy, learning from Norway’s sovereign wealth fund approach,” Jansen states.
He has called for transparent institutions to manage oil revenues effectively, preventing the pitfalls seen in other resource-rich nations. According to him, the government faces a critical task of channelling oil profits into infrastructure, education and agriculture to reduce unemployment and inequality.
For Jansen, Norway’s success with its sovereign wealth fund offers a blueprint, saving surplus revenues for future generations while mitigating economic volatility. As first oil looms, possibly by 2029, Namibia has been called upon to act decisively.
For More News And Analysis About Namibia Follow Africa-Press
