From Katutura to the Orange Basin

Standard Bank Namibia, in conjunction with Market Watch/Business 7, recently held a post-budget forum, convening senior government leaders and captains of industry to unpack the 2026/2027 fiscal budget following its tabling by Finance Minister Ericah Shafudah.

Held under the theme "Powering Our Future", global strategist Vusi Thembekwayo said Namibia stood on the cusp of transforming its economy in ways never seen before, owing to recent oil discoveries in the Orange Basin by international oil companies (IOCs) that could mirror discoveries in Guyana, which is estimated to hold 11 billion barrels of oil equivalent.

Addressing policymakers, Thembekwayo said it was incumbent on them to ensure Namibia, like the rest of Africa, did not lose the opportunity to participate in the next wave of industrial development.

"These incredible resources — once you have discovered them — how do you use them to better the life of the average Namibian?" he said, adding that Namibia should rise to the occasion.

"Not only the average person in Ondangwa, but also the average person in the streets of Katutura. How does that make a difference in their lives?" he added.

Stand up and be counted

According to Thembekwayo, it was Namibia's chance to rise to the occasion and be counted as a model for development on the African continent.

"What is important in this moment and on this occasion is to keep the main thing the main thing. These resources are once-in-a-lifetime finds. The question is, how do you extract them, multiply them, and then build an oasis of a nation?" Thembekwayo said.

Thembekwayo noted that Namibia, like other developing nations keen to attract foreign direct investment (FDI), is pursuing a competitive, equitable approach, citing a similar investment attraction playbook used in Guyana, which led to notable investments in the South American nation's oil and gas sector.

"We want you here, and we want you to do business here, but we do not want you here at any cost. There are terms and conditions, and there are rules for how you will do business," Thembekwayo said, describing the approach adopted by Guyana.

Banking as an enabler

Standard Bank set out its plan to drive Namibia's development agenda, with its Chief Financial Officer, Arlington Mutenda, explaining the role of commercial banks in the country's growth story.

"Our role as a leading financial institution extends beyond the financial sector. We carry a responsibility to contribute meaningfully to the progress of our nation," Mutenda said.

A budget for every Namibian

Shafudah framed the national budget as a strategic economic instrument that demands collaboration across sectors.

"A national budget is not merely a government document. It is a national development instrument, and its success depends on collective effort between government, business, financial institutions, and citizens," she said.

The minister positioned the current fiscal moment as a turning point, stating that "Namibia stands at a pivotal moment in its economic journey", and highlighted that fiscal policy must remain "responsible, forward-looking, and focused on improving the lives of all Namibians."