• Contact Us
  • About Us
  • Advertisement
  • Privacy & Policy
Friday, July 11, 2025
SUBSCRIBE
The Brief | Namibia's Leading Business & Financial News
26 °c
Windhoek
22 ° Wed
25 ° Thu
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • e-edition
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • e-edition
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
Subscribe
No Result
View All Result
TB image banner 750x140
Home Business & Economy

BoN calls for import substitution to reduce import bill

by editor
July 21, 2022
in Business & Economy
47
A A
57
SHARES
955
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

You might also like

Women now lead over 70% of Namibian SMEs

Namibia seeks stronger U.S. partnerships at Africa Business Summit

April inflation rises to 3.6%, driven by food and housing costs

Bank of Namibia (BoN) Governor Johannes !Gawaxab has challenged local companies to stimulate production and help the country reduce its import bill.

This comes as several other countries such as China, India, and even the United States are seeking to promote domestic manufacturing and exclude imports from their markets.

Delivering a public lecture at Rundu, !Gawaxab said Namibia’s import bill has 15 products which can be substituted with domestically produced goods or scaled up.

“In total, the import bill of these 15 products translated to N$5 billion in 2021. If we substitute these imports or a significant portion thereof by producing them cost-effectively here at home, it will have a massive impact with added multiplier benefits,” he said.

The Governor added that import substitution presents opportunities for self-employment and Small Medium Enterprises (SMEs).

“A Harvard Growth Lab study on the economic complexity have diversification opportunities that include inter alia the food industry, chemicals, and basic materials.”

He also noted there is a need to ensure food and energy security (including clean energy), encourage start-ups and self-employment in all sectors, substitute imports, and value addition to grow the economy.

“We need to maintain macroeconomic stability including restoring the fiscal sustainability and stable prices and financial system. We need to implement the reforms resolutely to attract the needed investment and encourage private sector participation. We need to invest in new engines of growth while improving the old ones such as health, technology, skills and education,” he said.

Further investigations by The Brief show that some of the 15 products mentioned by !Gawaxab include toilet paper valued at $138,882,130 and textiles fabrics (including uniforms) costing N$49,339,399.

 In terms of food products, the import bill for maize (including. seeds) amounted to N$1,280,288,574 and Namibia mostly priced good, sunflower-seed and safflower oil came in at N$606,730,627.

Other products mentioned by the governor include fruits worth N$354,298,297, frozen chicken valued at N$302,165,399, cheese and curd stood at N$215,424,236.

At the same time, the margarine, yoghurt and buttermilk bill stood at N$ 85,326,012 72 and N$ 866,848 respectively.

In terms of chemical fertilisers (including ammonia nitrate) came in at N$ 548,572,208, washing and cleaning preparations, N$509,754,917, soap and organic surface-active products worth N$144,786,875 were imported in the period under review.

The plastic and rubber products bill stood at N$452,393,138, while sacks and bags for N$ 146,907,135 and acrylic polymers and polyethylene worth N$128,249,142 were imported last year.

In 2021, Namibia recorded a N$33.4 billion trade deficit according to the Namibia Statistics Agency, after exporting goods valued at N$95 billion against total imports of N$129 billion.

author avatar
editor
See Full Bio
Tags: economy
Share23Tweet14Share4
Previous Post

Interest rates increased by 75bps – biggest hike in almost 20 years

Next Post

Adidas N$2m lawsuit against Namibian businessman drags on

Recommended For You

Women now lead over 70% of Namibian SMEs

by reporter
July 8, 2025
0
Women now lead over 70% of Namibian SMEs

More than 70% of Namibia’s small and medium enterprises (SMEs) are led by women, according to First National Bank (FNB) Namibia, highlighting a shift towards more inclusive entrepreneurship...

Read moreDetails

Namibia seeks stronger U.S. partnerships at Africa Business Summit

by reporter
June 23, 2025
0
Namibia seeks stronger U.S. partnerships at Africa Business Summit

Namibia will participate in the 2025 U.S.-Africa Business Summit, with the country’s attendance aimed at deepening economic ties with the United States and promoting investment and trade opportunities....

Read moreDetails

April inflation rises to 3.6%, driven by food and housing costs

by reporter
May 13, 2025
0
April inflation rises to 3.6%, driven by food and housing costs

Namibia’s annual inflation rate rose to 3.6% in April 2025, primarily fuelled by increases in food and housing-related costs, the Namibia Statistics Agency (NSA) has reported. According to...

Read moreDetails

NamRA uncovers N$666,000 tax refund fraud scheme

by editor
May 5, 2025
0
NamRA uncovers N$666,000 tax refund fraud scheme

The Namibia Revenue Agency (NamRA) has uncovered a fraudulent scheme that resulted in the illegal payout of tax refunds totaling more than N$666,000 between January and April 2025,...

Read moreDetails

141,000 non-compliant businesses face deregistration by BIPA

by editor
May 2, 2025
0
141,000 non-compliant businesses face deregistration by BIPA

More than 141,000 businesses in Namibia are at risk of being deregistered after the Business and Intellectual Property Authority (BIPA) began a phased process to remove entities that...

Read moreDetails
Next Post
Adidas N$2m lawsuit against Namibian businessman drags on

Adidas N$2m lawsuit against Namibian businessman drags on

Related News

Helena Mootseng appointed NCCI Interim CEO as Charity Mwiya’s term ends

Helena Mootseng appointed NCCI Interim CEO as Charity Mwiya’s term ends

October 8, 2024
Namibia ready to partner with EU to meet its carbon goals

Namibia ready to partner with EU to meet its carbon goals

October 24, 2023

Namibia set for N$$20bn EU investment in new strategic partnership

October 25, 2023

Browse by Category

  • Africa
  • Agriculture
  • Analysis
  • Business & Economy
  • Columnists
  • Companies
  • Finance
  • Finance
  • Fisheries
  • Green Hydrogen
  • Health
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • namibia
  • Namibia
  • News
  • Opinions
  • Property
  • Retail
  • Technology
  • Tourism
  • Trade
The Brief | Namibia's Leading Business & Financial News

The Brief is Namibia's leading daily business, finance and economic news publication.

CATEGORIES

  • Business & Economy
  • Companies
    • Agriculture
    • Finance
    • Fisheries
    • Health
    • Property
    • Retail
    • Technology
    • Tourism
    • Trade
  • Finance
  • Green Hydrogen
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • namibia
  • News
    • Africa
    • Namibia
  • Opinions
    • Analysis
    • Columnists

CONTACT US

Cell: +264814612969

Email: newsdesk@thebrief.com.na

© 2025 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Companies
  • Mining & Energy
  • Business & Economy
  • Opinions
    • Analysis
    • Columnists
  • Africa

© 2025 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.