Namibia, one of the world’s leading uranium producers, will begin discussions this year on establishing its first nuclear energy plant, President Netumbo Nandi-Ndaitwah announced on Thursday.
Addressing parliament during her first state of the nation speech since taking office a month ago, Nandi-Ndaitwah said the southern African country must harness its rich uranium reserves to meet its own energy needs and stimulate economic growth.
“While I am not in a position to tell you when we will have a nuclear energy power plant in Namibia, I can assure you that the discussions will certainly begin this financial year,” she said.
Namibia is the world’s third-largest uranium producer, with its mines estimated by the World Nuclear Association to supply around 10 percent of global uranium demand.
The country has long expressed interest in incorporating nuclear power into its energy mix, which currently depends heavily on electricity imports, mainly from neighbouring South Africa.
Nandi-Ndaitwah also highlighted the potential of the oil and gas sector to transform Namibia’s economy within the next five years. She explained that her decision to move the management of the sector directly under her office was aimed at fast-tracking development, including building the nation’s first oil refinery.
International interest in Namibia’s oil and gas prospects has surged in recent years. The president said increased investment would bolster the country’s energy security, drive industrialisation, create jobs, and spur economic growth.
Unemployment remains a significant challenge, with nearly 37 percent of Namibia’s population of three million out of work. Economic growth is forecast to slow to 3.8 percent in 2024, down from 4.2 percent the previous year.
“Mining contributes 12 percent to our gross domestic product and over 50 percent of our foreign exchange earnings. Regrettably, this figure does not reflect the true potential of our mining sector and mineral resources,” she added, noting opportunities in lithium, cobalt, manganese, graphite, and rare earth elements.
