Namibia has recorded unprecedented levels of foreign direct investment (FDI), with net inflows reaching N$114.9 billion since 2021, latest data shows.
According to the Namibia Investment Promotion and Development Board (NIPDB) CEO Nangula Nelulu Uaandja, the country recorded a net FDI of N$37.0 billion in 2024 alone.
She said this brings the cumulative total since 2021 to nearly N$115 billion, more than double the N$50.5 billion received between 2009 and 2020.
“Total profits after tax by foreign direct investment enterprises (FDIEs) have steadily improved since 2019. Retained earnings grew from a net loss of N$1.6 billion in 2020 to a net profit of N$4.3 billion in 2024,†Uaandja added.
In terms of job creation, foreign-owned enterprises employed approximately 62,817 people in 2023, up from 55,982 in 2019, translating to 6,835 new jobs over five years.
Deputy Minister of International Relations and Cooperation, Jenelly Matundu highlighted that more than N$56 billion of FDI since 2021 flowed into sectors outside oil and gas, including agriculture, green hydrogen, and manufacturing.
“Namibia Berries in Divundu is exporting premium produce to Europe and Asia while creating hundreds of jobs. The Cleanergy Green hydrogen project in Walvis Bay is positioning us as a continental leader in the energy transition. The examples are compelling,†said Matundu.
However, Matundu cautioned that 70% of FDI remains focused on capital-intensive sectors, which limits broad-based job creation.
“We must now focus on attracting FDI in sectors that generate employment at scale and retain more value locally,†she added.
She urged greater investment into labour-intensive and innovation-driven sectors like tourism, agro-processing, and the digital economy.
“Our goal is to unlock meaningful, high-quality investment that supports our national development objectives and uplifts the livelihoods of all Namibians,” said Matundu.
Deputy Governor of the Bank of Namibia, Ebson Uanguta, provided historical context to Namibia’s FDI evolution, noting that Namibia’s policy journey began with the Foreign Investment Act of 1990 and was later bolstered by the Export Processing Zone regime in 1996.
“From 1998 to 2008, Namibia attracted N$25.7 billion in net FDI, mainly in manufacturing. This figure increased to N$56.5 billion between 2009 and 2018, driven by greenfield mining investments,†Uanguta stated
He added that while 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, driven largely by significant hydrocarbon discoveries in the Orange Basin and an increasingly favourable investment climate,” he said.
According to the DG, this resurgence reflects the impact of the government’s strategic efforts to attract, promote, and facilitate high-quality investment, including through the establishment of the NIPDB.
