Windhoek: Minister of Industries, Mines and Energy Modestus Amutse on Thursday urged Namibia to use the period before oil production to strengthen local businesses, develop skills and ensure petroleum wealth translates into tangible economic benefits for citizens.

According to Namibia Press Agency,Amutse made the remarks at the Bank of Namibia's annual symposium held under the theme 'Namibia's Pre-Oil Production Phase: Assessing Choices That Unlock Long-Term Economic Value.'

He said Namibia's success should not be measured by oil discoveries alone, but by how effectively the country prepares its institutions, businesses and workforce to benefit from the emerging industry.

'The pre-oil period is not a waiting room. It is where the quality of our future is decided,' he said.

Amutse further said local participation should go beyond awarding contracts to Namibian companies, adding that businesses needed access to financing, technical skills and equipment to compete in the petroleum sector.

He said the Development Bank of Namibia, commercial banks, insurers, operators and government had a role to play in ensuring local businesses could access funding and deliver on contracts.

'Capability without finance remains capability on paper,' he said.

Amutse said local content should create opportunities for Namibian businesses to develop expertise, transfer technology and generate employment while maintaining industry standards.

He also called for stronger cooperation between government and financial institutions to ensure that petroleum revenue supports broader economic development, including electricity, infrastructure, manufacturing and agriculture.

He said Namibia should prepare for the economic effects of increased revenue while protecting its financial stability and saving for future generations.

'The true measure of first oil will not be the first barrel of salt. It will be the capabilities that remain in Namibia long after the last barrel is gone,' said Amutse.

He urged stakeholders at the symposium to develop a financial readiness agenda that identifies local suppliers, improves access to financing and assigns institutions responsible for implementation.

'Let us turn capital into capability. Policy into participation. And national wealth into opportunity that a Namibian family can feel in its own life,' he said.