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Oil/Green Hydrogen increases investor confidence with N$13.2 billion invested in Namibian economy

Oil/Green Hydrogen increases investor confidence with N$13.2 billion invested in Namibian economy

Business Reporter

NAMIBIA attracted Foreign Direct Investments (FDIs) worth N$13.2 billion or 7.2% of the country’s Gross Domestic Product (GDP) during the first nine months of 2022, primarily driven by equity injections for exploration activities following the offshore oil discoveries.

The billions invested is the highest year-on-year growth the country has witnessed since 2015. This was revealed by President Hage Geingob during the State of the Nation Address (SONA), in which he said that financial inflows are running at a record high, with FDI being the main contributor.

Geingob added that the high FDI inflows are likely to continue in 2023 on the back of oil discovery appraisals, coupled with the commencement of the green hydrogen project feasibility study to the tune of N$ 2,5 billion.

“At present, the global economy is facing several challenges due to persistent and broadening inflationary pressures, geopolitical tensions in Europe, and the economic slowdown in China. The Russia/Ukraine conflict has resulted in price shocks for food, oil and gas. As a result, global growth has slowed down in 2022 and is expected to remain subdued in 2023. However, Namibia’s domestic economy has demonstrated resilience, registering a better-than-expected growth of 4 percent last year, with expectation for further forecasted growth of 3.2% this year,” Geingob said.

File photo for illustrative purposes only.

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