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Central bank urges Namibians to seize economic opportunities

The Bank of Namibia has urged Namibians to take advantage of the economic opportunities existing now.

This was said by deputy governor, Ebson Uanguta at a public lecture on the Africa Public Service Day celebrations.

He said Namibia is facing challenging economic circumstances similar to many other economies on the continent with several opportunities on offer.

Uanguta added: “the potential in oil and gas as well as green hydrogen activities offer numerous opportunities for Namibians across the value chain.”

The opportunities include providing services for offshore drilling operations, seismic surveys, supply and logistics, engineering and construction and human resource development, he said.

He added that the successful growth of the oil and gas industry can encourage technology transfer in the economy and attract significant foreign direct investment.

Additionally, these new industries have the potential to develop a trained labour force, improve Namibia’s long-term sustainability and increase its economic resilience.

This year’s theme is ‘The African Continental Free Trade Area (AfCFTA) agreement will Require a Fit-for-Purpose African Public Administration’.

The deputy governor highlighted the benefits that Namibia can derive from regional integration, including AfCFTA.

“Namibia can derive great benefits from the utilisation of regional and continental economic platforms because by creating a single continental market for goods and services it eliminates or reduces tariff and non-tariff barriers among the 55 African countries,” he said.

He said the free trade agreement provides Namibia with access to a bigger market (Africa) of approximately 1,2 billion people.

This is a vast opportunity for our private sector to thrive, increase domestic economic activity, create quality jobs, as well as reduce poverty and inequalities.

However, Uanguta also pointed out the role of the public sector when it comes to development.

“It is an indisputable fact that public service is the gateway and engine of a country’s pathway to development. There is not a single country in the world that can claim to have been able to develop its economy, deliver quality services to its people and/or improve the living standards of its people without a capable public service,” he said, adding that playing in a larger market generates competition for local businesses and necessitates the public service to be competitive, he said.

“Uplifting our society and improving the living standards of our people will require a fit-for-purpose public administration,” he added.