‘Namibia risks losing oil wealth’ … Alweendo urges financial services to prepare for opportunities

Namibia’s oil discoveries have raised hopes of economic growth, jobs and new business opportunities, but former mines minister Tom Alweendo has warned that the country could miss out on economic benefits if local banks and companies are not ready to participate.

Speaking at an oil and gas seminar yesterday hosted by the Bank of Namibia, Alweendo said finding oil is only the beginning and does not automatically translate into national prosperity.

“Hope alone does not build an economy. A discovery is not yet development. A resource is not yet prosperity,” said Alweendo, who is also a former central bank governor.

Namibia has attracted global attention following major offshore oil discoveries, with international energy companies leading exploration.

The discoveries have fuelled expectations that the sector could transform the economy through investment, government revenue and opportunities for local businesses.

However, Alweendo cautioned that without strong local financial institutions, many Namibian companies could struggle to benefit from the emerging industry.

“The question we must answer is whether Namibia has the financial architecture, policy clarity and institutional readiness to turn this potential into sustainable national value,” he said.