The Bank of Namibia’s 2026 Annual Symposium assessed the measures needed to prepare the country for potential oil production, highlighting stronger institutions and regulation, disciplined revenue management, domestic capability building and links between petroleum and the wider economy. Governor Ebson Uanguta said the central bank is strengthening its macroeconomic forecasting and financial stability surveillance to address potential effects on growth, inflation, the balance of payments and financial sector risk. The Bank’s readiness assessment found that preparatory work has begun but called for finalizing legal and regulatory instruments, clarifying and strengthening institutional mandates, advancing local content legislation, addressing specialized skills gaps and improving public communication. Key risks include uncertainty over production timelines, fiscal pressures, Dutch disease and environmental impacts. Oil and gas attracted about NAD 74.4 billion in foreign direct investment between 2021 and 2025, equal to roughly 56% of total inflows, while exploration represented an average of about 30% of gross fixed capital formation from 2022 to 2025. The symposium emphasized enforceable local content, effective petroleum tax administration, environmental safeguards and transparent sovereign wealth management, including through the Welwitschia Fund. Participants also called for investment in infrastructure, skills and industrial capacity, alongside clearer institutional separation of policy and licensing, regulatory and commercial functions.

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