Windhoek: The Economic Association of Namibia (EAN) has called for strong institutional foundations, local participation, and inclusive growth as Namibia moves towards first oil, warning that rapid growth without proper foundations could expose the country to the resource curse. Speaking at the fourth Namibia Oil and Gas Conference in Windhoek on Wednesday, EAN Chairman and Managing Director of Monasa Advisory and Associations, Jason Kasuto, emphasized the importance of ensuring that the development of Namibia's oil and gas resources translates into tangible benefits for its people.
According to Namibia Press Agency, Kasuto highlighted the necessity for Namibia's emerging oil and gas industry to be rooted in robust policies, regulations, institutions, and meaningful participation by Namibians. This approach aims to ensure that the country's natural resources contribute to transforming lives from scarcity to abundance. He drew an analogy between Namibia's development of the petroleum sector and the growth of a bamboo tree, noting that the country had spent years building its 'roots' through policy, regulation, and institutional development.
Kasuto pointed out that discoveries in the Orange Basin have positioned Namibia to move towards final investment decisions and first oil within the decade. However, he cautioned that the anticipated rapid growth of the sector should not compromise the foundations that have been established. He stressed the importance of allowing oil revenues to create opportunities for Namibians, warning against the potential for the country to fall victim to the resource curse experienced by other resource-rich nations.
He further emphasized the significance of the National Upstream Petroleum Local Content Policy, which should bolster Namibian employment, prioritize local suppliers, and promote meaningful Namibian participation. Kasuto argued that collaboration among Namibians is critical to ensuring sustainable sector development and identified the biggest challenge as the ability of stakeholders to work together towards a common national objective.
The fourth Namibia Oil and Gas Conference, held under the theme 'From Decision to Dividend: Making Namibia's Oil Work for Namibians', has brought together approximately 1,500 delegates, 73 exhibitors, and 40 sponsors. The conference commenced on Wednesday and is set to conclude on Thursday.