The Minister of Mines and Energy, Tom Alweendo, has emphasised the need for policies that maximise economic benefits from the energy sector while ensuring Namibia remains competitive in the global market, particularly following noted oil discoveries.

Minister Alweendo, speaking at a STANLIB Liberty business event, stated that the future policy environment must focus on creating a globally competitive petroleum sector.

This historically wealthy sector, he says, should maximise benefits for all Namibians and leverage the country's natural resources to foster broader national development.

Alweendo stressed the importance of ensuring that the country does not lose what it currently has in terms of oil while pursuing uncertain future opportunities.

"We know that the oil and gas sector is associated with great wealth, and somehow many of us are already feeling rich. It evokes a sense of sudden wealth, and we start imagining how much we will have, counting our chickens before they hatch. Unfortunately, we forget that not all eggs will hatch into chicks; some don't. Therefore, we need to become more ambitious and probably more daring in our policymaking. I know that ambition and risk-taking are essential for growth and prosperity, but let us also be reminded that a bird in the hand is worth two in the bush. This reminds us that a guaranteed opportunity is more valuable than potential rewards that may never materialise."

Minister Alweendo urged Namibians to adopt a visionary approach to transforming the country into a leading energy hub in Africa.

"We must achieve a balance between increasing local participation and attracting required investment from global players. The world-structured regulatory framework coupled with the commitment to transparency and good governance will be essential in achieving this balance. To achieve this we must prioritise skills development in order to ensure that local businesses have access to opportunities in the petroleum value chain, put in place mechanisms for our resource health and adopt best practices from other nations to build a prosperous energy economy."

He also called on local entrepreneurs to continue investing in the sector, as it is crucial for driving innovation, creating jobs and ensuring that the economy remains resilient.