Policies aimed to improve governance and reduce corruption could be the remedy to prevent the "oil curse" in Namibia.

This sentiment was expressed by the Petroleum Commissioner in the Ministry of Mines and Energy, Maggy Shino.

During her presentation, Shino said the oil industry stands to gain from undertaking a remedial effort that would reduce operating costs, increase production, and raise the standard of living for the people.

Mines and Energy Minister Tom Alwendo and his delegation answered questions from the parliamentary standing committee on Economics and Public Administration, led by chairperson Natangwe Ithete.

The committee is of the view that Namibia should set out to be a world leader in extractive industry governance.

The political and economic dysfunction known as the "oil curse" is a complex, structural phenomenon caused largely by poor management or investment of oil revenues by the governments of oil-producing countries.

The term is commonly also used in connection with countries that have an abundance of natural resources, particularly minerals and hydrocarbons, but extreme poverty due to mismanagement and the diversion of extractive industry revenues to a politically connected elite.