Namibia expects firmer estimates of recoverable reserves to be announced this financial year and aid in addressing socio-economic challenges such as unemployment.
President Nangolo Mbumba, who delivered the State of the Nation Address this afternoon, says this follows oil exploration activities by international companies in 2023.
"In 2023, Namibia experienced a surge in oil exploration activities from international oil companies, specifically in the promising oil-rich basins, including the Walvis Basin and the Orange Basin. 40. We expect firmer estimates of recoverable reserves to be announced this financial year. We are prepared for this opportunity through a robust local content regime and a ready Sovereign Wealth Fund, amongst various other measures to maximise the impact and benefit for our country."
The 2018 Labour Force Survey indicated an unemployment rate of 33.4%.
President Mbumba was candid with the MPs about Namibians from all corners of the country, looking to the government for economic relief, prospects for job opportunities, and to live in a country that is safe and secure.
"They hope that the development of oil and gas and green hydrogen will transform our country into a haven of economic growth, employment, and prosperity. As a result of these promising trends, we expect the announcement of concrete results from the intensive offshore drilling programme. Furthermore, several uranium mines will re-commence operations. In addition, the construction of three green hydrogen pilot projects should be completed. Furthermore, the Walvis Bay container terminal concession should become effective, paving the way for increased investment and container traffic. Through the implementation of the National Development Plans and the Harambee Prosperity Plans I and II, we have ensured that Namibia remains on track, even during times of fiscal consolidation."
Though the objective remains to strengthen policing capacity, President Mbumba further announced recruitment plans for the Namibian Police Force.
"Plans are also underway to recruit an additional 1,700 Cadet Constables during the 2024–25 financial year. Additionally, six new police stations were constructed at Tutaleni in Walvis Bay (Erongo Region), Onkumbula (Oshikoto Region), Nkurenkuru and Namasira (Kavango West Region), Kamenga (Zambezi Region), and Omatako (Otjozondjupa Region)."
The new recruits are an addition to the 1,119 cadet constables employed during the 2023–24 financial year.