(3 Minutes Read)
The Namibia Investment Promotion and Development Board (NIPDB) says the FDI value 2023 was N$73 billion. NIPDB Manager of Investment Attraction Selma Namutuwa noted the oil and gas sector accounted for 45% of the investment inflows
The Namibia Investment Promotion and Development Board (NIPDB) says the FDI value in 2023 was N$73 billion. NIPDB Manager of Investment Attraction Selma Namutuwa noted the oil and gas sector accounted for 45% of the investment inflows. Further analysis is still needed to determine where the remaining 55% was allocated, both in terms of sectors and value, she said.
Namibia ranks fifth in terms of the largest share of capital investment in FDI in the Middle East and Africa, holding a 7% share. This is notable compared to the larger economies of Saudi Arabia, the United Arab Emirates, South Africa, Egypt, Oman, Israel, and others.
This is an excellent progress for Namibia. In terms of FDI, the country has been a regional leader in Africa. In 2022, Namibia ranked first, followed by Rwanda in second place and Kenya in third. Notably, 2023 marked the largest recorded value of FDI in the past 10 years, with Namibia experiencing a significant surge in foreign direct investment. This was also attributed to Heineken’s acquisition of Namibian Breweries Limited.
According to Namibia Breweries Limited (NBL), its planned acquisition by Heineken NV has the potential to attract investment worth N$10 billion for the country. Meanwhile, the Bank of Namibia (BoN) last month revealed that the oil and gas sector yielded N$33.4 billion in FDI inflows between 2021 and 2023.
Read Also:
https://trendsnafrica.com/namibia-africas-second-fastest-growing-fdi-destination-kenya-leads/
https://trendsnafrica.com/namibia-riding-high-on-oil-and-gas-record-n19bn-fdi-in-6-months/
https://trendsnafrica.com/eu-namibia-business-forum-vying-european-fdi-for-namibias-green-economy/
The apex bank Governor Johannes !Gawaxab said the investments, which have the potential to double the country’s gross domestic product (GDP), resulted in massive oil discovery in 2022 and will make Namibia rank among the top 15 oil-rich countries in the world.
