The Bank of Namibia (BoN) has called on the country’s financial sector to prepare for the opportunities and challenges presented by Namibia’s emerging oil and gas industry, stressing that sound governance, prudent regulation and sustainable investment will be key to long-term economic growth.
The call was made during the central bank’s Oil and Gas Seminar held under the theme “Positioning Namibia’s Financial Sector for a Sustainable Oil and Gas Economy.”
The event brought together government officials, financial institutions, industry leaders and international regulators to discuss how Namibia’s banking and financial sectors can support the country’s transition into an oil-producing nation. Delivering the keynote address, former Minister of Mines and Energy and former BoN Governor, Tom Alweendo, said the discovery of oil alone would not guarantee prosperity.
He emphasised that Namibia’s success would depend on strong institutions, effective policies, a capable financial system and investment in local skills and businesses. Alweendo urged banks and other financial institutions to position themselves as partners in national development by financing commercially viable local enterprises while maintaining responsible lending practices.
Drawing on Uganda’s experience, David Kalyango explained how early regulatory planning and strong supervision helped Uganda prepare its banking sector for oil and gas development without compromising financial stability.
He encouraged Namibia to begin strengthening regulatory capacity and risk management well before commercial oil production begins. Providing a local perspective, Rowland Brown highlighted the role that commercial banks, pension funds, investment managers and capital markets could play in financing local businesses across the oil and gas value chain. He said Namibia’s large pool of pension savings could help unlock investment opportunities and strengthen local participation in the sector.
A panel discussion featuring Presidential Special Advisor Carlo McLeod, former Bank Windhoek Managing Director Baronice Hans, Eduardo Rodriguez and Taimi Itembu explored opportunities for financing the industry while promoting local content, enterprise development and economic diversification.
Panellists agreed that Namibia should use future oil revenues to build a more diversified economy, strengthen local supply chains, develop specialised skills and create sustainable opportunities for small and medium-sized enterprises.
Closing the seminar, Bank of Namibia Governor Ebson Uanguta said the discussions highlighted that preparing the financial sector is an essential part of Namibia’s readiness for the oil and gas industry.
He reaffirmed the central bank’s commitment to working closely with financial institutions, regulators and government to ensure the sector is well positioned to support sustainable economic development while safeguarding financial stability.
By Rudi Bowe
