Photo: The Governor of the Bank of Namibia, Ebson Uanguta. Photo Contributed

The Governor of the Bank of Namibia, Ebson Uanguta, has urged Namibia’s financial sector to strengthen its capacity and regulatory preparedness to ensure the country can fully benefit from its emerging oil and gas industry while maintaining financial stability.

Speaking at the closing of the Bank of Namibia’s Oil and Gas Seminar, Uanguta thanked local and international speakers, participants and delegates for their valuable contributions, with special appreciation extended to the Bank of Uganda for sharing its experience in regulating and supervising oil and gas financing. The Governor stressed that meaningful participation in the sector requires more than access to financing. Financial institutions, he said, must develop specialised expertise to manage the complex risks associated with long-term oil and gas investments. He also highlighted the important role that non-bank financial institutions, including pension funds, insurers and investment managers, can play in financing infrastructure and energy-related projects, while emphasising the need to uphold sound governance and fiduciary responsibilities.

Uanguta noted that successful local participation should focus on developing sustainable Namibian businesses, strengthening specialised skills and building competitive supply chains rather than simply increasing local ownership. He further called for forward-looking regulation that can adapt to the demands of a growing oil and gas industry without compromising prudent oversight or financial resilience. Particular attention, he said, should be given to managing risks such as foreign exchange exposure, liquidity pressures, climate-related risks and greater interconnectedness within the financial system.

The Governor emphasised that close cooperation between regulators, government ministries, financial institutions and industry players will be essential to ensure Namibia is well prepared for commercial oil production. Declaring the seminar officially closed, Uanguta reaffirmed the Bank of Namibia’s commitment to working with stakeholders to build a resilient financial sector capable of supporting sustainable economic development while safeguarding the country’s long-term economic stability.

By Rudi Bowe