Namibia Attracts N$114.9 Billion in Foreign Investment in Four Years

Namibia has received N$114.9 billion in foreign direct investments (FDI) over the last four years.

This is mostly as a result of hydrocarbon discoveries in the Orange Basin.

Speaking during the first-ever FDI report launch in Windhoek on Wednesday, deputy Bank of Namibia governor Ebson Uanguta said there was a temporary decline in FDI during 2019 and 2020.

"Namibia has experienced a strong rebound since 2021. From that year onward, cumulative net FDI inflows reached N$114.9 billion," he said.

This number is expected to increase as private sector projects to the value of N$224.7 billion, facilitated by the Namibia Investment Promotion and Development Board (NIPDB) are in the pipeline.

In 2024 alone, net FDI stood at N$37 billion.

Currently, foreign-owned enterprises employ an estimated 62 817 people in 2023, up from 55 982 in 2019.

Additionally, foreign-owned enterprises accounted for approximately 11.5% of total employment, according to the 2023 Labour Force Survey.

Job creation was mainly driven by wholesale and retail, mining and quarrying, and financial services.

Read the original article on Namibian.