{"id":66134,"date":"2024-04-06T17:11:51","date_gmt":"2024-04-06T17:11:51","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom"},"modified":"2024-04-06T17:49:54","modified_gmt":"2024-04-06T17:49:54","slug":"oil-and-gas-puts-namibia-on-the-brink-of-economic-boom","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom","title":{"rendered":"OIL AND GAS PUTS NAMIBIA ON THE BRINK OF ECONOMIC BOOM"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Bank of Namibia Governor Johannes !Gawaxab has indicated that the recent oil and gas discoveries off the coast of Namibia hold the transformative potential to double the nation\u2019s Gross Domestic Product (GDP) and substantially increase its economic output.<\/p>\n

central bank\u2019s governor predicted amid a period where exploration activities have already marked a positive influence on the economy, contributing an estimated growth of 0.4 percent annually between 2021 and 2023.<\/p>\n

!Gawaxab said that as exploration ventures intensify, these contributions are anticipated to soar, ushering in a new era of prosperity for Namibia.<\/p>\n

He emphasized the potential for currency appreciation as a direct benefit from the exploration success, which, while encouraging imports, might pose challenges for other export sectors by reducing their competitiveness.<\/p>\n

Drawing parallels with other oil-rich nations, !Gawaxab emphasized the importance of learning from their experiences to ensure Namibia\u2019s path towards sustainable development is well-charted.<\/p>\n

He acknowledged that while the country is in the nascent stages of developing its oil and gas sector, significant strides have been made in laying the groundwork for future success.<\/p>\n

He added that this includes acquiring crucial skills and knowledge from global counterparts and establishing robust legal frameworks.<\/p>\n

\u201cWith prudent management and a steadfast commitment to transparency and good governance, Namibia is poised to rank among the top 15 oil producers in Africa by 2035,\u201d he said.<\/p>\n

He added that this optimistic projection is contingent upon the nation\u2019s ability to navigate away from the pitfalls of corruption and resource mismanagement.<\/p>\n

In a gesture of homage, !Gawaxab dedicated the central bank\u2019s recent Transparency Award to the late President Dr Hage Geingob, celebrating the strides made in monetary policy communication and public engagement.<\/p>\n

He said that this honour reflects the values of transparency and accountability that were hallmarks of Geingob\u2019s presidency and contributed to fostering trust and effective governance within the country.<\/p>\n

The central bank\u2019s governor revealed his optimism for Namibia\u2019s economic future while declaring a dividend of N$511.5 million for the past financial year, marking a near N$100 million increase over the previous year\u2019s distribution.<\/p>\n

He said that this dividend, coupled with an 11.9 percent increase in international reserves, signifies robust financial health and a solid foundation for future economic endeavours.<\/p>\n

\u201cDespite facing a challenging global economic climate, Namibia\u2019s financial sector has remained resilient, supported by the central bank\u2019s strategic monetary policies aimed at stabilizing the currency and bolstering domestic economic activity,\u201d he said.<\/p>\n

He pointed out that despite this, the nation witnessed a slight deceleration in economic growth, recording a 4.2 percent increase in 2023 down from 5.3 percent in 2022.<\/p>\n

The dividends were handed over to Deputy Finance Minister Maureen Hinda-Mbuende as a pledge towards sustainable economic development and a brighter future for all Namibians.<\/p>\n

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

Africa-Press – Namibia. Bank of Namibia Governor Johannes !Gawaxab has indicated that the recent oil and gas discoveries off the coast of Namibia hold the transformative potential to double the nation\u2019s Gross Domestic Product (GDP) and substantially increase its economic output. central bank\u2019s governor predicted amid a period where exploration activities have already marked a […]<\/p>\n","protected":false},"author":84,"featured_media":66133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-66134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nOIL AND GAS PUTS NAMIBIA ON THE BRINK OF ECONOMIC BOOM - Namibia<\/title>\n<meta name=\"description\" content=\"Bank of Namibia Governor Johannes !Gawaxab has indicated that the recent oil and gas discoveries off the coast of Namibi ...\" \/>\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\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OIL AND GAS PUTS NAMIBIA ON THE BRINK OF ECONOMIC BOOM\" \/>\n<meta property=\"og:description\" content=\"Bank of Namibia Governor Johannes !Gawaxab has indicated that the recent oil and gas discoveries off the coast of Namibi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-06T17:11:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-06T17:49:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/04\/sm_1712412914.238836.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"789\" \/>\n\t<meta property=\"og:image:height\" content=\"364\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"OIL AND GAS PUTS NAMIBIA ON THE BRINK OF ECONOMIC BOOM\",\"datePublished\":\"2024-04-06T17:11:51+00:00\",\"dateModified\":\"2024-04-06T17:49:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom\"},\"wordCount\":475,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/04\/sm_1712412914.238836.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/oil-and-gas-puts-namibia-on-the-brink-of-economic-boom\",\"name\":\"OIL AND GAS PUTS NAMIBIA ON THE BRINK OF ECONOMIC BOOM - 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