
Namibia unveils new plan to grow by 7%
Namibia unveiled an ambitious development plan targeting average economic growth of 7% over the next five years, as it seeks to restore its upper-middle-income status by the end of the decade.
The arid southwest African nation was downgraded by the World Bank to lower-middle-income earlier this month after its gross national income per capita fell slightly below the $4 496 (R8 700) threshold to maintain the higher status, amid weaker economic activity and increased population growth. The economy grew 3.7% last year from 4.4% in 2023, due to a decline in mining activity.
'We take this to be a temporary setback,' President Netumbo Nandi-Ndaitwah said in the foreword to her government's latest national development plan published Monday. 'It is possible to increase the per capita income above $6 000 by 2030.'
The plan seeks to increase Namibia's GDP per capita by prioritising green hydrogen, renewable energy, and value-added manufacturing to boost growth.
It wants to almost double its renewable energy capacity to 700 megawatts by 2028 and create 30 000 green jobs by 2030. Green hydrogen, in particular, is expected to anchor new industrial development and support clean energy exports.
The country is also targeting significant increases in its production of oil and gas by the end of the decade.
Namibia, one of the world's top uranium producers, is positioning itself as a hub for green hydrogen and critical minerals. It also expects to begin the production of offshore oil and gas discoveries as early as 2029.
It seeks to increase the share of manufacturing in its GDP to 18% from 15.6%.
To finance its goals, the government will draw on domestic and international public and private finance, while channelling resource revenues — particularly from mining, oil, gas, and green hydrogen — into strategic investments.
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In your government's view, why is he wrong? : So the reason why President Macron made this decision is that it was absolutely necessary to restart a political process, the two state solution process that was- that is today threatened, more threatened that it- it has ever been. And the conference that will take place in New York tomorrow and Tuesday is a very significant milestone, because by- by- by recognizing, or announcing the recognition of Palestine, France has been able, alongside Saudi Arabia, that has- that will be co chairing this conference with us, to collect very significant historic commitments by all stakeholders, including the Palestinian Authority president and Arab countries, in favor of the two state solution, and guarantee security guarantees for Israel. The two state solution is very simple, and I think everyone can understand what we mean by that. 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