Namibia could double its annual GDP growth to 8 per cent within a decade and reduce its dependence on diamonds because of new offshore oil and gas finds, according to the southern African country’s mining and energy minister Tom Alweendo.
Alweendo’s party Swapo, in power since independence in 1990, hopes the promise of riches from big energy discoveries in the past five years — which have lured TotalEnergies, Shell, Chevron, ExxonMobil and Galp to Namibia — will help it win the November 27 election.
But dissatisfaction with the economy among Namibia’s 3mn people has been rising, increasing the risk for Swapo that it could lose its parliamentary majority as its fellow “liberation parties” did in neighbouring South Africa and Botswana this year.
“If these oil finds are developed to their potential, Namibia could easily double its GDP [growth]. And that’s huge,” said Alweendo in an interview with the Financial Times, when asked about the growth rate.
“But the major focus for us will be on how this resource could help improve the livelihood of the average Namibian.”