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.

Namibia is no longer going to export raw materials and will push to add value locally.

This was said by President Hage Geingob when he opened the first-ever EU-Namibia Business Forum in the Belgian capital, Brussels.

He says Namibia dedicates itself to improving the sustainability of the extractive industry and developing local processing, refining, recovery, and recycling capacity.