Observer Money – Page 31

03 Nov

NIDA’s road to recovery

info_e12wt4csObserver MoneyNational Council members

Martin Endjala The Namibia Industrial Development Agency (Nida) is finalising its 2023/24 fiscal year report and addressing criticism over poor infrastructure, performance, and transparency. In August, National Council members suggested dismantling Nida due to its shortcomings, including a N$100 million abandoned crocodile farm in Kongola, Zambezi region. Acting CEO Richwell Lukonga assured that financial reports would be public by year-end and outlined the agency's strategic plan for 2024-2028. “These reports, which cover the financial performance of the agency, are expected to be made public towards the end of the year,” he confirmed. Nida is also focusing on sustainable livestock management…

03 Nov

Fuel prices remain steady amid global uncertainty

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Niël Terblanché In a bid to offer some relief to Namibian consumers, the Ministry of Mines and Energy announced that fuel prices will remain unchanged for November 2024, despite rising international oil prices. The price of petrol will stay at N$20.25 per litre, while diesel 50ppm and 10ppm will remain at N$19.72 and N$19.82 per litre, respectively, in Walvis Bay. In a statement released on Friday, the ministry attributes the global uptick in oil prices to ongoing geopolitical tensions in the Middle East and the Organisation of the Petroleum Exporting Countries (OPEC) decision to extend production cuts by 2.2 million…

03 Nov

Namibia’s import bill stands at N$14.8 billion

info_e12wt4csObserver MoneyNamibia Statistics Agency (NSA)

Martin Endjala The country’s import bill reached N$14.8 billion in January 2024, marking a 20.5% increase from N$12.3 billion in August, according to the Namibia Statistics Agency (NSA). In September, export earnings rose slightly to N$9 billion from N$8.7 billion in August, resulting in a trade deficit of N$5.8 billion, up from N$3.6 billion the previous month. This translates to a trade deficit of N$5.8 billion during September when compared to the N$3.6 billion recorded in August. “Exports were revised upwards, increasing by N$12 million, while imports were revised downwards, with variations amounting to N$1 million,” read the report. In…

31 Oct

Plans to draw water from Okavango intensify

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The Kavango Link project, approved by Cabinet in early 2024, has reached an advanced planning stage, with engineering design work underway and environmental assessments soon to begin. The initiative aims to secure a steady water supply for central Namibia by channeling water from the Okavango River to Windhoek and other high-demand areas. NamWater anticipates that, barring setbacks, water could flow to the Central Area of Namibia by 2027. NamWater spokesperson Lot Ndamanomhata, outlined progress on the ambitious N$7 billion Kavango Link Project Observer Money (OM): What is the current status of the proposed Okavango Link to supply the Central Area…

31 Oct

Railway projects funding on ice

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CHAMWE KAIRA The government has reallocated money for railway projects in the 2024 budget to other projects, the Mid-Year Budget Review. Minister of Finance and Public Enterprises said considering the low execution rates on capital projects, a total of N$2.1 billion has been identified for reallocation. Shiimi said the projects affected by budget reallocations are primarily in the railway sector. Nevertheless, the minister said given the importance of the rail sector to unlock economic activities, the government will ensure that sufficient funding is availed to the upgrading and development of the railway network, going forward. Furthermore, Shiimi said the finance…

31 Oct

Internet prices expected to drop 9%

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CHAMWE KAIRA Africa Finance Corporation (AFC) has said in its, ‘State of Africa’s Infrastructure 2024’ that subsea cables have a direct impact on connectivity, enable faster internet speeds, and reduce internet prices. The report said Equinao, the latest cable that landed in Africa in 2023 is expected to increase internet speeds five-fold in Nigeria by 2025 and three-fold in South Africa and Namibia. By the same year, internet prices should drop in each country between 16 and 21%, resulting in an increase of internet penetration by 7% in Nigeria and South Africa and by 9% in Namibia. The report said…

31 Oct

Namibia faces job creation pressures

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CHAMWE KAIRA Namibia is one of the sub-Saharan countries that have seen their youth shares of populations peak and will face less severe job creation pressures, the International Monetary Fund (IMF) revealed in the regional economic outlook. The IMF said many middle-income countries like Botswana, Ghana, Namibia, and Mauritius have seen their youth shares of populations peak and will face less severe job creation pressures. The IMF has projected the Namibian government to grow by 4.2% in 2025, compared to 4.2% this year and 31% in 2023. The unemployment rate in Namibia decreased to 19.60 percent in 2023 from 20…

31 Oct

Drought severely impact Agra financials

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CHAMWE KAIRA Agra has said it remains acutely aware of the challenges posed by the ongoing severe drought and its impact on the agricultural sector. The company said it is committed to navigating these obstacles by implementing strategic measures that enhance its support for producers and strengthen its operational resilience. “Our focus will be on maintaining our commitment to delivering exceptional value to our stakeholders. By prioritising robust risk management practices and fostering collaboration within our communities, we aim to reinforce our market position and ensure that Agra continues to be a trusted partner in advancing Namibian agriculture,” the company…

31 Oct

Namibia helps Famous Brands earn N$218m

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CHAMWE KAIRA Famous Brands said SADC revenue increased by 3.8% to N$218 million (2023: N$210 million), with operations in Angola, Botswana, Eswatini, Lesotho, Namibia, Malawi, Mozambique, Zambia, and Zimbabwe. “Our biggest markets, Botswana and Zambia, experienced increases in system-wide sales of 4.5% and 31%, respectively, along with like-for-like sales growth of 7.2% for Botswana,” the company said. Famous Brands has said revenue decreased slightly by 1.3% to N$563 million (2023: N$570 million), the company said in financial results for the six months ended 31 August. Operating profit improved by 5.6% to N$232 million (2023: N$220 million), and operating profit margin…

31 Oct

Paladin on pathway to global uranium producer

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CHAMWE KAIRA Paladin Energy says the return of the Langer Heinrich Mine (LHM) to production was a major milestone on Paladin’s pathway to becoming a globally significant independent uranium producer. The LHM Restart Project achieved an outstanding performance in safety, with over 2.5 million hours worked with no serious injuries or reportable environmental incidents. The ongoing operations of the LHM are in the hands of a full-time local workforce of over 460 people, with a combination of employees and locally sourced mining contractors. According to Paladin, mining operations should resume in 2026, ahead of a nameplate production goal of six…