By THE INDEPENDENT UG
WINDHOEK, NAMIBIA | Xinhua | Namibian President Nangolo Mbumba announced on Tuesday that Namibia’s economy is rebounding across various sectors, including agriculture, mining, fisheries, tourism, oil and gas, and green energy. Speaking at the official opening of the Cabinet in Windhoek, President Mbumba acknowledged the challenges facing the nation amid a period of transition and mourning following the passing of former President Hage Geingob on Feb. 4.
Mbumba declared 2024 as the “Year of Expectations” and highlighted the upcoming elections as a pivotal moment for the nation. With increased expectations from citizens, he urged Cabinet members to implement government plans and programs to accelerate economic development and generate employment opportunities.
The President shared positive economic indicators, noting that Namibia’s economic growth had surpassed pre-pandemic levels, registering a growth of 7.2 percent in the third quarter of 2023. The Bank of Namibia’s Economic Outlook projects a GDP growth of 3.4 percent for 2024.
Namibia experienced a robust tourist influx during the festive season, with domestic, international, and regional tourists, particularly from the Southern African Development Community (SADC) region.
President Mbumba emphasized the role of green hydrogen in transforming Namibia’s economy, anticipating its impact on adjacent industries such as logistics, agriculture, and sustainable manufacturing. Three green hydrogen pilot projects are set to commence operations in 2024.
While addressing corruption, Mbumba reaffirmed the government’s commitment to accountability and transparency, vowing to strengthen policy measures in the fight against corruption. He emphasized upholding the social contract established with the Namibian people until March 2025, seeking the support of Cabinet ministers in maintaining this commitment throughout their tenure.
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