(3 Minutes Read)
Namibia, the world’s third-largest uranium producer, plans to initiate discussions in 2025 about developing its first nuclear power plant, President Netumbo Nandi-Ndaitwah announced during her first State of the Nation address. The move aims to harness the country’s uranium wealth and reduce dependence on electricity imports from South Africa.
While no timeline was given for the plant’s construction, Nandi-Ndaitwah confirmed that talks would begin in the next financial year. Namibia’s uranium mines currently have the potential to meet up to 10% of global nuclear fuel demand, according to the World Nuclear Association.
The president also stated that her office will now oversee the oil and gas sector, following recent discoveries that could significantly boost the economy. Plans are in motion to build Namibia’s first oil refinery to process domestic resources and strengthen the energy supply.
With unemployment nearing 37% and economic growth expected to slow in 2024, the government sees energy development and mining as key to economic transformation. Although mining contributes 12% to GDP and over 50% of foreign exchange earnings, the sector remains underutilised.
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Namibia is also rich in other critical minerals like lithium, cobalt, graphite, and rare earth elements. Nandi-Ndaitwah emphasised the need for local processing and full value-chain participation to maximise benefits from these resources.
Namibia’s pivot toward nuclear energy and greater control over strategic sectors marks a significant step toward energy independence and economic resilience.
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