Innovation is not a luxury but a necessity for Namibia’s economic resilience and sustainability. This was the message from the Minister of Finance and Public Enterprises, Erica Shafudah, at the 2025 Good Business and Innovation Awards held in Windhoek.
Shafudah said government remains committed to creating a policy environment that encourages innovative investments.
“We see many opportunities for Namibia to leap forward – but it will require courage and creativity from entrepreneurs and strong support from institutions like DBN,” she said. “At the same time, innovation must go hand-in-hand with inclusive development. Economic growth is not meaningful unless it benefits all Namibians.”
She stressed the importance of investing in ICT infrastructure to support research and development in emerging sectors such as green hydrogen, agro-processing, and digital services.
The Development Bank of Namibia (DBN), host of the awards, has so far injected over N$21 billion into the economy, resulting in the creation of more than 76,000 jobs.
In 2024 alone, the bank allocated N$319 million to infrastructure, with 78 percent directed toward solar energy projects. It also funded 74 small and medium enterprise (SME) projects worth nearly N$96 million, and made targeted investments of N$42 million in youth-led businesses and N$51.4 million in women-led enterprises.
Willy Mertens, Deputy Chairperson of the DBN Board, said the bank views innovation as a cornerstone for development.
“The highlight of this year's ceremony is the long-awaited return of the Innovation Award, relaunched after five years,” he said. “Its revival is both timely and strategic as Namibia embraces a future driven by technology, sustainability and industrialization. With a prize token to be awarded tonight, the innovation award aims to support projects that leverage technology, improve resource efficiency and enhance productivity.”
Seven businesses received awards across three categories: Good Business Award for SMEs, Good Business Award for Large Enterprises, and the Innovation Award.
Acting DBN CEO, John Mbango, said the awards are more than recognition.
“These accolades are more than symbolic – they are investments in visionaries shaping the future of our economy,” he said.
Winners walked away with cash prizes of N$150,000 in the SME category, N$250,000 for the Large Enterprise category, and N$400,000 for the Innovation Award.