Namibia has about 3.1 million people, a currency pegged one to one to the South African rand, and some of the largest offshore oil discoveries of the past decade. It is also one of the world's biggest uranium producers and has a long list of green hydrogen plans. The catch is timing. No oil field has been approved for development yet, only one hydrogen project has announced a decision to build, growth is about 2%, and the state is rewriting the rules on local participation. Here is what the data says, where the openings are, and what to check before you commit.
This guide is for companies setting up or expanding in Namibia. For the wider economy see Namibia's economy in figures.
It depends on how patient you are. The macro picture is steady: the currency is pegged to the rand, inflation is under 6% and the government has no IMF programme. The headline projects are mostly not yet money spent. TotalEnergies says Venus is technically ready but waits on fiscal terms, the flagship Hyphen hydrogen project has pushed its decision to the end of 2027, and growth is only about 2%. Foot-and-mouth disease hit the beef export zone in September. Suppliers, service firms and investors who can wait two to four years are the most likely to benefit. Anyone who needs fast returns at home should look at the base case, not the headlines.
Shell writes down its Namibian oil. Shell took a write-down of about $400 million on its Orange Basin licence after wells showed poor rock and a lot of gas. It kept drilling.
New president. Netumbo Nandi-Ndaitwah took office as president, promising jobs, local processing of minerals and more local ownership. Growth for the year came in at 1.7%.
Shell's Merlin well. Shell's tenth well in the block returned its best results yet, with light oil and little gas. It has not been declared commercial.
State visit to China. The president met Xi Jinping in Beijing. Eight documents were signed, including a framework for economic partnership and green minerals cooperation.
Mopane changes hands. TotalEnergies completed its swap with Galp. It now operates the Mopane discovery, and Galp took 10% of the licence that holds Venus.
Hydrogen split. A shipping company, CMMZE, approved a N$17 billion hydrogen and ammonia plant at Henties Bay, while Hyphen's much larger project moved its decision date to the end of 2027.
Foot-and-mouth disease. The disease was confirmed in the southern beef export zone on 23 September, and the EU suspended fresh meat imports from Namibia on 5 October.
Petroleum bill and rate rise. The National Assembly passed the Petroleum Amendment Bill at second reading on 20 October, and on 28 October the central bank raised the repo rate to 7.00% to protect the peg. Compare inflation across Africa.
What would a delayed oil decision, a stronger rand or a dry rainy season mean for your sector and your timeline?
We track prices, sentiment and spending from official releases, field contacts and our own polling. The exposure depends on what you sell, where and to whom, so we answer it on a call.
A small, fairly urban and well-banked market with very high unemployment. Namibia has about 3.1 million people, half of them in towns, and about three in four adults have an account. Households spent about $11.8 billion in 2025. The official unemployment rate was 36.9% in the 2023 labour report, and 54.8% when people who want work but are not looking are counted. So there is labour to hire, but skilled technical staff are scarce, and the government is under pressure to show jobs from every large project.
English is the official language and the language of business, with Afrikaans, Oshiwambo and German also widely spoken. Mining and offshore oil need engineers, technicians and trades that Namibia does not yet train in numbers, so foreign firms expect to bring in senior staff and train the rest. See education in Namibia.
Unemployment is a political issue. The president has said that over 40% of people are out of work and called it a time bomb, and that is why local hiring and local suppliers are now written into oil policy. Compare unemployment across Africa.
Namibia is a market for investors who sell to mines, oil operators, the port and government, not for mass consumer products. The home market is only about 3 million people, spread over a large country. The firms that do well sell services, equipment, food, housing and finance to the resource sector and the people it employs, and supply South Africa and Angola from a Namibian base. Windhoek has most of the spending power, and the coastal towns of Walvis Bay and Swakopmund are growing around the port and the uranium mines.
Who exactly buys in your category, in which towns, and at what price?
We answer this with our own survey panel and field interviews, so you do not size a market this small from national averages.
UNCTAD counted about $1.45 billion of inflows in 2025, down from about $2.0 billion in 2024 and $2.3 billion in 2023. That is a lot for a country of 3 million people, but the total of foreign investment already in place is about $13.6 billion, and most of it sits in mines. The oil and hydrogen projects that would raise inflows sharply are still waiting for decisions. Today's money comes mainly from China, South Africa and the UK.
China is the largest investor by stock, mostly through the Husab and Rössing uranium mines, and South Africa is second, through banks, retailers, miners and the close link between the two economies. Mauritius is mainly a holding base for investment into Africa. See who invests in Africa.
Oil majors are present but are spending mostly on exploration. TotalEnergies, Shell, QatarEnergy, Galp and BP hold offshore licences, and Reuters reported in July 2026 that Shell and TotalEnergies had found an estimated 2.6 billion barrels. The real inflows come when a field is approved for development.
Which foreign operators are already active in your sector, and who has entered or left in the last two years?
We map competitors, recent entrants and exits by sector and region. That list is part of every market-entry brief.
Fewer than a few years ago, and the rules are changing. The standard company tax rate is 30% and VAT is 15%. The old export processing zone regime has been repealed and its tax breaks are being wound down, and a Special Economic Zones Bill to replace it is still before parliament. Oil, mining and diamond companies pay their own higher rates. A Foreign Investment Act still governs foreign investors, and a new Investment Promotion and Facilitation Bill would let the minister reserve sectors and approve foreign investments in advance.
| Programme or rule | What it offers or requires | Who runs it |
|---|---|---|
| Standard company tax | 30% for companies and for branches of foreign companies, for financial years starting on or after 1 January 2025. Dividends paid abroad carry a 10% withholding tax where the shareholder is a company holding at least 25%, and 20% in other cases, before any treaty relief. | Namibia Revenue Agency |
| Sector tax rates | Petroleum income tax 35%, mining 37.5% and diamond mining 55%. Withholding tax of 10% applies to interest, royalties and management fees paid to non-residents. | Namibia Revenue Agency |
| Registered manufacturers | A rate of 18% on manufacturing income for the first ten years, plus an export allowance of 80% of income from exported manufactured goods. These preferences are being phased out, so check the status of your project before you rely on them. | Ministry of Industrialisation and Trade, Namibia Revenue Agency |
| Special economic zones | The export processing zone regime has been repealed and its incentives are winding down. A Special Economic Zones Bill, which the president says is close to enactment, would replace it. The detail of the new incentives is not final. | Ministry of Industrialisation and Trade |
| Oil and gas terms | The state oil company, NAMCOR, usually takes a 10% carried interest in licences. The sixth National Development Plan targets raising that to 15% over five years, and Cabinet approved an upstream local content policy in principle in 2026. | Upstream Petroleum Unit and Ministry of Industries, Mines and Energy |
| VAT | 15% standard rate, with some supplies zero-rated. Registration is required above N$1 million of taxable supplies in 12 months. | Namibia Revenue Agency |
| Place | Where | Best known for |
|---|---|---|
| Walvis Bay | Erongo coast | The main port, with 750,000 containers a year of capacity, and plans for hydrogen, ammonia and oil supply |
| Lüderitz and Tsau //Khaeb | South coast | The planned site of Hyphen's roughly $10 billion hydrogen and ammonia project |
| Erongo uranium belt | Inland from Swakopmund and Arandis | Husab, Rössing and Langer Heinrich uranium mines |
| Henties Bay | North of Swakopmund | A N$17 billion green ammonia plant approved by its developer in September 2026 |
| Windhoek | Centre | Head offices, banks, ministries, the investment board and the Namibian stock exchange |
| Oranjemund | Far south-west, on the Orange River | Land and sea diamond mining by Namdeb and Debmarine Namibia |
Which tax treatment, local partner structure and licence route fit your project, and what is the package worth over ten years?
The answer depends on your sector, location, export share and how you bring in capital, and the rules are in motion. We run the numbers with you before you choose a structure.
Namibia is peaceful and politically stable, with an elected government, courts and a free press. The risk is not violence. It is timing, policy and the economy. Oil and hydrogen decisions keep slipping, the state is moving toward more local ownership and more control over oil, the external accounts are stretched, and the weather and animal disease can hit farming. These are the issues investors raise most, and what they do about them. Compare safety across Africa.
| Roadblock | How serious | What it looks like | What investors do |
|---|---|---|---|
| Unproven oil timelines | High | No Orange Basin field has been approved for development. Venus has slipped from late 2025 to late 2026, and the high gas content makes it costly. Shell's licence has had nine wells without a commercial find, then a promising tenth. | Plan around approvals, not discoveries. Bid for supply and service work only once a field is sanctioned, and keep cash needs low until then. |
| Rules still being written | High | The Petroleum Amendment Bill moves oil licensing into the Office of the President and has not yet become law. The Investment Promotion and Facilitation Bill would allow reserved sectors and prior approval. The president has said local partners for foreign investors will be put in law, but no 51% rule exists today. | Build in a Namibian partner early, follow the bills through parliament, and ask for stability terms in contracts. |
| External accounts and the peg | Medium | The IMF projects the current account deficit at 16.9% of GDP in 2026. The central bank raised rates in October to keep close to South Africa and protect the peg. | Fund the project mainly in dollars or rand, expect Namibian rates to follow South African ones, and watch foreign exchange reserves. |
| Weak diamonds and slow growth | Medium | Growth was 1.7% in 2025, and the IMF says diamond mining has been weak for a long time. Government finances depend on mining revenue and on customs union transfers that swing from year to year. | Do not assume a booming local economy. Sell to the resource sector and to exports. |
| Drought and animal disease | Medium | Foot-and-mouth disease reached the beef export zone in September 2026, and a forecast points to below-normal rain in the 2026/27 season. | Check the status of the export zone before investing in livestock, and design for water and heat in farming and mining projects. |
| Power, water and distance | Medium | Only about 59% of people have electricity, the coast is a desert, and the towns are far apart. | Secure power and water supply early, and build in the cost of transport. |
Which site, partner and structure suit a project like yours, and how exposed are they to the oil timetable and the new local ownership rules?
Sectors differ sharply in how much the rules and the oil calendar matter to them. We compare shortlisted options side by side and update the picture as the bills move.
Most foreign investors follow the same sequence. Company registration and tax registration are straightforward, and the investment board offers to guide you through the steps. Permits, approvals in regulated sectors and the new local participation rules take longer, so ask about them at the start.
Confirm your activity is open to foreign ownership today, and whether the new Investment Promotion and Facilitation Bill, once passed, will require approval or a local partner. Oil, mining and fishing have their own licensing.
The board sits in the Office of the President and is the government's investment promotion agency. It guides investors and handles introductions to ministries.
Foreign investors have traditionally applied to the Ministry of Industrialisation and Trade for a certificate of status of investment under the Foreign Investment Act. Ask the board whether this step still applies, as the law is being replaced.
Register a private company, or a branch of a foreign company, with the Business and Intellectual Property Authority. Foreign companies can also hold shares in a Namibian company.
Register with the Namibia Revenue Agency for company tax at 30% and VAT at 15% where required, and with the Social Security Commission as an employer.
Foreign staff need work permits from the Ministry of Home Affairs, Immigration, Safety and Security, and a Migration Bill proposed in 2026 would add an investor residence category.
Buy or lease urban land from municipalities or private owners, and agree your power and water connection early. Mergers and acquisitions need clearance from the Namibian Competition Commission, which has attached conditions to Chinese deals in the past.
Ministries, banks, head offices, the investment board and the stock exchange, and most of the consumer market.
The port, the Trans-Kalahari road corridor to Botswana and South Africa, and the likely base for oil support and ammonia exports.
Services for the uranium mines, housing, and tourism on the coast.
A small port in the south, closest to the Hyphen site, and a possible oil and gas supply point.
The most populated part of the country, and a base for trade with southern Angola.
A diamond mining town on the border with South Africa, run around Namdeb's operations.
How long does each step take in practice, what does it cost, and which steps can run at the same time?
Timelines depend on the sector, the region and how you bring in capital. We give you a realistic plan for yours.
The strongest cases build on Namibia's ocean, desert sun and wind, uranium and port. These six stand out in the data, with the funded ones clearly separated from the plans.
Operators will need rigs, vessels, logistics, catering, engineering and local staff. Namibia's acting petroleum commissioner expects over 10 Orange Basin wells in the next two to three years. See the deep dive below.
Held back: which contracts are open to foreign firms under the local content policy, and which partners hold the licences.
CMMZE, a shipping company, approved a N$17 billion plant at Henties Bay to make 35,000 tonnes of hydrogen, turned into 210,000 tonnes of ammonia a year. Hyphen's much larger project moved its decision to the end of 2027.
Held back: which projects have buyers and finance, and where suppliers and contractors are needed.
Namibia mined 7,333 tonnes of uranium in 2024. Langer Heinrich is guiding for 5.1 to 5.6 million pounds in its 2027 financial year. The government wants more processing at home.
Held back: which mines and service contracts are open, and what a processing plant would need.
Andrada Mining is taking its Uis lithium project to a definitive feasibility study in 2026. The president says critical mineral investors must build processing plants, not just export ore.
Held back: which deposits are real, who owns them and what the processing rule will mean for each.
The port handles about 8 million tonnes a year and serves Botswana, Angola, Zambia, the DRC and South Africa on three corridors. Warehousing, trucking and cold chain follow growth in oil, mining and trade.
Held back: which logistics assets need partners, and what trade volumes you can count on.
Namibia sends most of its beef to the EU. The September 2026 foot-and-mouth outbreak halted livestock trade and the EU suspended imports, but the cattle market had been recovering.
Held back: how long the restrictions are likely to last, and which parts of the chain stay open.
Since Shell found oil at Graff in 2021 and TotalEnergies found Venus in 2022, the Orange Basin has produced some of the biggest offshore discoveries in the world. Reuters reported in July 2026 that Shell and TotalEnergies had found an estimated 2.6 billion barrels, and that Namibia could become Africa's fourth-largest producer by 2030. TotalEnergies now operates Venus and the Mopane discovery, where it holds 40% with Galp at 40%, NAMCOR at 10% and Custos at 10%, and it plans a Mopane decision in 2028. Rhino Resources confirmed oil at its Capricornus appraisal well in 2026, BP agreed to buy 60% of three blocks from Eco Atlantic, and Shell is still drilling.
The prize for foreign firms is the supply chain. A field the size of Venus needs a floating production unit, subsea equipment, supply vessels, a Walvis Bay or Lüderitz base, and years of drilling, and Namibia has almost no offshore oil industry yet. NAMCOR, the state company, normally holds 10% of each licence, and the sixth National Development Plan aims to raise that to 15% over five years, while the 2026 local content policy is meant to push work to Namibian companies.
Works: a signed fiscal agreement for Venus, oil that is cheap enough to produce with the gas it comes with, a Petroleum Amendment Bill that passes without new surprises, and local content rules that are specific and workable. TotalEnergies has said it is technically ready, and the design work is done.
Sinks it: a fiscal deal that does not close, Venus slipping again, high gas content that raises cost, and a petroleum bill that moves licensing into the Office of the President, which the opposition says concentrates power. Shell's Graff, Jonker and La Rona wells did not give a commercial find, and its January 2025 write-down shows how quickly sentiment can change. The bill passed second reading on 20 October 2026 and still needs a third reading, the National Council and the president's signature.
When will each field really be approved, which contracts will be open to foreign suppliers, and what are they worth?
We map licence holders, expected spending by year, local content requirements and partner options. That is the core of a sector brief.
China is Namibia's largest foreign investor by stock, at $3.36 billion in the 2024 IMF survey, almost all in uranium and mining. Chinese state companies own or part-own the Husab and Rössing uranium mines and a quarter of Langer Heinrich, and Sinomine bought the Tsumeb copper smelter in 2024. China Harbour Engineering built the new container terminal at Walvis Bay, finished in 2019. During the president's July 2026 visit to Beijing, the two governments signed eight documents, including a framework for economic partnership and green minerals cooperation, and agreed to work on uranium, lithium and rare earths. Those are agreements to cooperate, not money spent. The new message to Chinese investors is clear: build processing in Namibia and work with Namibian partners.
What Chinese investors ask us most is practical: what local partner or local share will be required, how the Competition Commission treats Chinese deals, how long permits take, and how to bring in staff. The rules on local ownership are still being written, so these are the questions our research team answers.
Is there room for your product, at your price, and who should you partner with?
We size the market, test prices with real buyers through our survey panel, and vet local partners before you sign anything.
In most sectors, yes. The Foreign Investment Act gives foreign and local investors equal treatment, and there is no general local ownership requirement. This is changing: a new Investment Promotion and Facilitation Bill would let the minister reserve sectors and approve foreign investments in advance, and the president says local partners for foreign investors will be put in law. No 51% rule exists today. Check your sector before you commit.
Namibia is stable, with a peg to the rand, inflation of 5.4% and no IMF programme. The upside is offshore oil, uranium and green hydrogen. The limits are timing and size: growth was 1.7% in 2025, foreign investment fell to about $1.45 billion, no oil field has been approved, and the current account deficit is projected at 16.9% of GDP. It suits patient investors in resources and services more than fast-return consumer plays.
The standard company tax rate is 30%, including for branches of foreign companies, for financial years starting on or after 1 January 2025. VAT is 15%. Petroleum income is taxed at 35%, mining at 37.5% and diamond mining at 55%. Dividends paid abroad carry a 10% or 20% withholding tax, and interest, royalties and management fees paid abroad carry 10%.
Yes, subject to Bank of Namibia exchange control rules. Dividends paid to a non-resident are taxed at 10% where the shareholder is a company holding at least 25% of the shares, and 20% otherwise, before any treaty relief. Because the Namibian dollar is pegged to the rand, converting and sending money out follows South African market rates.
Yes. The Namibian dollar is fixed one to one to the South African rand, so it moves with the rand against the US dollar. It averaged N$17.89 per US dollar in 2025 and was about N$16.4 on 6 November 2026. The Bank of Namibia raised its repo rate to 7.00% on 28 October 2026 to keep its rates close to South Africa's and protect the peg.
Not before 2029. TotalEnergies is working toward a final investment decision on Venus, which Namibia's petroleum commissioner expects before the end of 2026, with first oil targeted for 2029 or 2030. TotalEnergies says it is technically ready but needs the fiscal terms agreed. Mopane's decision is targeted for 2028. Shell has not yet declared a commercial find.
It has plans and one decision to build. CMMZE approved a N$17 billion plant at Henties Bay in September 2026 to make 35,000 tonnes of hydrogen and 210,000 tonnes of ammonia a year. Hyphen, a roughly $10 billion project near Lüderitz in which the state holds 24%, has moved its decision to the end of 2027. Daures targets a decision in June 2028.
Yes. China is the largest investor by stock, at $3.36 billion in 2024, mostly in uranium. Chinese state firms own or part-own the Husab and Rössing mines and 25% of Langer Heinrich, Sinomine bought the Tsumeb smelter, and China Harbour Engineering built the Walvis Bay container terminal. The two governments signed eight documents in July 2026.
Not in force yet. The old export processing zone regime has been repealed and its tax breaks are being wound down. A Special Economic Zones Bill to replace it was before parliament in late 2026, and the president said in October that it was close to enactment. Until it passes, check the status of any incentive with the Ministry of Industrialisation and Trade.
The strongest cases in the data are offshore oil and gas services, green hydrogen and ammonia, uranium and processing, critical minerals such as lithium, Walvis Bay port and logistics, and livestock and food. Diamonds are weak, and beef exports are under pressure from the 2026 foot-and-mouth outbreak.
Public data gets you to a shortlist. The decision needs answers specific to your product, your budget and your timeline. These are the questions we answer for investors on a first call:
Prefer email? Write to investors@pollsafrica.com.
Every figure on this page comes from an official statistics office, an international body, or a report that cites one. Dates show when each figure was published or last updated. Oil and hydrogen timetables change often, so check current news before you commit. This page is general information about Namibia's economy and is not investment, legal, tax or security advice.