{"id":76103,"date":"2024-08-28T10:22:00","date_gmt":"2024-08-28T10:22:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-urged-to-invest-oil-revenue-in-other-sectors"},"modified":"2024-08-28T10:22:00","modified_gmt":"2024-08-28T10:22:00","slug":"namibia-urged-to-invest-oil-revenue-in-other-sectors","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-urged-to-invest-oil-revenue-in-other-sectors","title":{"rendered":"Namibia urged to invest oil revenue in other sectors"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Namibia. <\/strong><\/span><b>Namibia has been advised to use oil revenue to invest in other sectors of the economy to diversify income streams.<\/b><\/p>\n<p>Ghanaian economic development and governance expert Ibrahima Aminu says oil revenue should not be viewed as a quick fix.<\/p>\n<p>\u201cOil revenue alone is not a silver bullet. It requires patience and strategic investment. Focus on diversifying the economy by boosting sectors like agriculture, tourism and light manufacturing. These areas will support and enhance the oil and gas sector,\u201d he said during the oil and gas conference in Windhoek last week.<\/p>\n<p>His comments come as the country anticipates initial oil production in 2029.<\/p>\n<p>According to Aminu, Namibia has the advantage of time and therefore, should employ a proactive approach.<\/p>\n<p>\u201cNamibia has the advantage of time, with oil production set for 2029. It\u2019s imperative to start developing local capacities now. Equip your workforce with the necessary skills, certifications and knowledge well in advance.\u201d<\/p>\n<p>He further warned of rising public expectations when it comes to wealth creation by the oil and gas industry.<\/p>\n<p>\u201cThe anticipation of oil wealth can create unrealistic expectations. The oil and gas sector alone will not generate enough jobs to meet the needs of the entire population. Investment in other job-creating sectors is essential.\u201d<\/p>\n<p>He said Namibia should collaborate with countries involved in oil production, as well as industry experts.<\/p>\n<p>\u201cEngage with experts from countries that have navigated similar paths \u2013 Angola, Nigeria, Algeria and others. Build partnerships and bring in knowledgeable professionals to assist in capacity building.\u201d<\/p>\n<p>He highlighted that the notion of an \u2018oil curse\u2019 does not derive from the oil itself, but rather the way the resource is managed.<\/p>\n<p>\u201cIt\u2019s not the oil that is cursed, but the way we manage and perceive its potential.\u201d<\/p>\n<p>Aminu said the country should learn from the experiences of other African nations.<\/p>\n<p>\u201cConferences like these are vital. They allow us to share challenges and successes so that Namibia can avoid repeating the mistakes of others.\u201d<\/p>\n<p>Transparency in managing oil revenues is another critical aspect, he highlighted.<\/p>\n<p>\u201cEnsure that there are transparent systems in place to monitor and manage oil revenues. Create platforms where investments and expenditures are openly reported.\u201d<\/p>\n<p>Additionally, he said the country\u2019s oil industry can contribute to local development.<\/p>\n<p>\u201cIn 20 to 30 years, we hope to see Namibian companies leading in the oil sector, and a skilled local workforce driving the industry. This can be achieved through training, internships and apprenticeships.\u201d<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/namibia\">Namibia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Namibia. Namibia has been advised to use oil revenue to invest in other sectors of the economy to diversify income streams. Ghanaian economic development and governance expert Ibrahima Aminu says oil revenue should not be viewed as a quick fix. \u201cOil revenue alone is not a silver bullet. It requires patience and strategic [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":76102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-76103","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Namibia urged to invest oil revenue in other sectors - 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\/namibia-urged-to-invest-oil-revenue-in-other-sectors\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namibia urged to invest oil revenue in other sectors\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Namibia. Namibia has been advised to use oil revenue to invest in other sectors of the economy to diversify income streams. Ghanaian economic development and governance expert Ibrahima Aminu says oil revenue should not be viewed as a quick fix. \u201cOil revenue alone is not a silver bullet. It requires patience and strategic [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-urged-to-invest-oil-revenue-in-other-sectors\" \/>\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=\"2024-08-28T10:22:00+00:00\" \/>\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=\"2 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\/namibia-urged-to-invest-oil-revenue-in-other-sectors#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-urged-to-invest-oil-revenue-in-other-sectors\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namibia urged to invest oil revenue in other sectors\",\"datePublished\":\"2024-08-28T10:22:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-urged-to-invest-oil-revenue-in-other-sectors\"},\"wordCount\":423,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-urged-to-invest-oil-revenue-in-other-sectors#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/08\/Hazrati1724827965.122931.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\/namibia-urged-to-invest-oil-revenue-in-other-sectors#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-urged-to-invest-oil-revenue-in-other-sectors\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-urged-to-invest-oil-revenue-in-other-sectors\",\"name\":\"Namibia urged to invest oil revenue in other sectors - 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