The recent decision by the Industrial Development Corporation (IDC) to off-load its 10% shareholding in Rössing Uranium Mine presented Namibia with a rare and consequential opportunity. Such moments, when ownership of strategic national assets becomes available, are not merely commercial transactions. They are moments that test a nation’s economic ambition, its confidence in local enterprise, and its commitment to building indigenous participation in key sectors of the economy.
Yet, as far as can be determined, few Namibian companies and not even the Namibian government stepped forward to bid for this stake when the opportunity arose through public bidding. When our company decided to participate in the process, the reaction was swift and, in some quarters, surprisingly hostile. Criticism ranged from incredulity, “who do they think they are to bid for those shares?”, to suggestions that local entrepreneurs are “becoming too big for their shoes.”
Such reactions raise a deeper and more troubling question: How long will Namibians remain observers in their own economy?
For a country endowed with vast natural resources, Namibia faces a paradox familiar to many developing economies. While resources such as uranium, diamonds, and fisheries are extracted within our borders, the ownership and control of these industries often remain concentrated in foreign hands. This arrangement may bring investment and expertise, but it also limits the growth of domestic capital formation and indigenous economic leadership.
The debate around the Rössing shares is therefore not about a single company or a single transaction. It is about the broader question of economic agency, who participates, who owns, and who ultimately shapes the direction of Namibia’s economic future.
Around the world, successful economies, both developing and developed, have taken deliberate steps to ensure meaningful domestic participation in strategic sectors. Consider the case of Singapore, often cited as a model of economic transformation. Singapore did not leave ownership of its strategic industries entirely to external actors. Instead, the state deliberately cultivated local corporate champions through institutions such as Temasek Holdings and Government of Singapore Investment Corporation (GIC).
Through these vehicles, Singapore ensured that its citizens maintained substantial stakes in industries ranging from aviation to telecommunications and finance. Companies like Singapore Airlines and DBS Bank are not merely commercial entities, they are instruments of national economic participation, rooted in local ownership and strategic direction.
Importantly, Singapore did not adopt a hostile stance toward foreign investment. On the contrary, it welcomed global capital and expertise. However, it did so while simultaneously nurturing domestic ownership structures that ensured Singaporeans remained central participants in their own economy.
The lesson here is not that Namibia should replicate Singapore’s model in every detail. Our historical circumstances, institutional capacities, and economic structures differ significantly. But the underlying principle remains instructive: nations that take ownership of their economic destiny rarely do so by accident.
Similarly, countries such as Malaysia and South Korea implemented deliberate policies to strengthen domestic corporate participation in strategic sectors. Malaysia created national champions in energy and finance, while South Korea built globally competitive conglomerates that now dominate industries from electronics to shipbuilding.
In each case, the path was neither simple nor free of controversy. Domestic firms faced skepticism, criticism, and sometimes outright opposition. Yet the long-term result has been the creation of local enterprises capable of competing on the global stage while anchoring economic ownership at home.
As Namibians we must therefore confront a fundamental question: Do we genuinely believe in local ownership of our resources, or do we merely celebrate the concept rhetorically?
If the answer is the former, then moments such as the sale of shares in Rössing should be welcomed as opportunities for Namibian participation, not treated as audacious overreach. Entrepreneurship, by its very nature, involves the willingness to take calculated risks, to pursue opportunities, and to challenge conventional boundaries.
When local companies step forward to participate in strategic sectors, this should not be interpreted as arrogance. It should be seen as a sign of economic maturity and national confidence.
It is also important to emphasize that local ownership does not mean exclusion. Foreign investors have played, and will continue to play, a critical role in Namibia’s economic development. Their capital, technology, and global networks are essential to the growth of industries such as mining and energy. The objective is not to replace foreign participation but to complement it with stronger domestic involvement.
Indeed, sustainable economic development often depends on precisely this balance: a partnership between international investment and local ownership that ensures both competitiveness and national benefit.
The conversation surrounding the Rössing shares therefore presents us, as Namibians, with an opportunity for reflection. Rather than questioning whether we should participate in such industries, we should be asking a more constructive question: how can we enable more Namibian companies to do so?
This requires a supportive financial ecosystem, access to capital, and a national mindset that encourages ambition rather than discouraging it. It also requires recognition that economic transformation is a long-term process. Today’s emerging entrepreneurs may become tomorrow’s institutional investors and corporate leaders.
Ultimately, the issue at stake is not simply ownership of a 10% stake in a uranium mine. It is about the broader trajectory of Namibia’s economic development.
If Namibia is to build a resilient and inclusive economy, we must move beyond the role of spectators. We must become participants, investors, and owners in the industries that shape the country’s prosperity. The shares in Rössing
must be offered to Namibians. This will be yet another step in the arduous journey of local ownership and empowerment. Too often, it seems that Namibians never miss an opportunity to miss an opportunity.
