{"id":35731,"date":"2022-12-12T15:43:29","date_gmt":"2022-12-12T15:43:29","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/how-namibia-can-avoid-the-oil-curse"},"modified":"2022-12-12T15:43:29","modified_gmt":"2022-12-12T15:43:29","slug":"how-namibia-can-avoid-the-oil-curse","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/how-namibia-can-avoid-the-oil-curse","title":{"rendered":"How Namibia can avoid the oil curse"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Namibia needs to build competent and accountable institutions to manage oil revenue and minimise the risk of corruption by closing all legislative loopholes in order to avoid an oil curse.<\/p>\n

This is according to Rosita Ndumbu, a research associate at the Institute for Public Policy Research (IPPR), who was speaking at an anti-corruption conference held in Walvis Bay last week.<\/p>\n

Two major oil discoveries by TotalEnergies and Shell were made during the first quarter of 2022 offshore Namibia.<\/p>\n

The importance of the discoveries lies in the massive amounts of recoverable resources, which has renewed interest in exploration activities in the region. Also called the Dutch disease, the oil curse basically occurs when the discovery of large oil reserves harms a country\u2019s broader economy, instead of having a positive impact.<\/p>\n

Touching on the risks in the oil and gas sector during her presentation, she said just because Namibia discovered oil does not mean that all the country\u2019s problems will be resolved.<\/p>\n

She highlighted Angola and Nigeria as case studies which are currently battling socio-economic challenges, despite being some of the biggest oil-producing countries.<\/p>\n

An estimated 11 billion barrels in oil reserves have been found off Namibia\u2019s coast, with the first production anticipated within four years. This finding could put Namibia on par with Angola, whose reserves are estimated to be around 13 billion barrels, and whose production rivals Nigeria.<\/p>\n

\u201cIt is no secret that Namibia is one of the most unequal countries in terms of wealth distribution, and we should not expect all our social and economic challenges to be resolved overnight. A classic example is what is happening in Angola and Nigeria,\u201d she reiterated.<\/p>\n

Over 200 000 people lost their jobs because of the Covid-19 pandemic, a situation that worsened the unemployment rate in the country.<\/p>\n

Hence, she said it is very key that oil and gas become the economic drivers of this country. It can make a massive positive impact, and revenue generated from it can really make a diffidence for a small country such as Namibia, Ndumbu added.<\/p>\n

\u201cThere is, therefore, a need for law reform, and government should amend relevant petroleum legislation to close all loopholes to prevent conflicts of interest and unrest,\u201d she said.<\/p>\n

She then recommended that government look at the current legislation, and join international anti-corruption bodies to promote transparency initiatives. This will allow government to align itself with international standards which will assist in identifying and minimising corruption, as well as avoid possible social unrest in the future.<\/p>\n

Also speaking on the same platform, IPPR researcher Frederico Links highlighted the impacts of corruption within public institutions, saying that they lack transparency and accountability. As a result, ordinary Namibians suffer. According to him, it is clear that corruption is not only linked to the fishing sector, but boils over to other sectors such as mining and the oil and gas sector.<\/p>\n

\u201cPeople need to see people being held accountable in the public, but it\u2019s not happening. Disciplinary hearings should not be held in secret. People need to see something is happening to corrupt officials,\u201d he stressed.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Namibia needs to build competent and accountable institutions to manage oil revenue and minimise the risk of corruption by closing all legislative loopholes in order to avoid an oil curse. This is according to Rosita Ndumbu, a research associate at the Institute for Public Policy Research (IPPR), who was speaking at an […]<\/p>\n","protected":false},"author":84,"featured_media":35730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,6],"tags":[234,236,233],"class_list":["post-35731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-files","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nHow Namibia can avoid the oil curse - Namibia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/how-namibia-can-avoid-the-oil-curse\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Namibia can avoid the oil curse\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. Namibia needs to build competent and accountable institutions to manage oil revenue and minimise the risk of corruption by closing all legislative loopholes in order to avoid an oil curse. 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