By Connie-Marlene Theyse
As Head of Enterprise Banking at FNB Namibia, I have had a front-row seat in the oil and gas developments and activities in Namibia. The opportunities are real, and the oil discoveries, possibly amounting to billions of barrels, have the power to transform our nation. The keen interest in our natural resources and capacity to generate Green Hydrogen has seen pledges and investment potential of billions of Euros from Europe and other parts of the world. Namibia can rise to become a regional powerhouse and uplift our sparsely populated nation. However, this economic development cannot happen in a vacuum, nor should it unfold haphazardly. Local investment from and in the commercial sector will be essential.
We need a concerted and focused development plan to transform into a fully-fledged oil & gas economy. The plans are in place in the form of the National Development Plans (NDP) and our Harambee Prosperity Plan (HPP). They act as the blueprint for Namibia’s vision of socio-economic development. Our NDPs and HPP show our country’s development roadmap is bearing fruit and uplifting the nation. What becomes clear is that we cannot and should not rely on international investors alone. These are Namibian resources, and we must create an environment that enables Namibians to benefit from these resources and develop projects. This should cut across all socio-economic levels of society. But how do we make this a reality?
We are a nation of dreamers; we must turn these dreams into action and become a nation of doers. Oil, gas, and renewable energy resources are only the beginning. We may have them, but turning them into viable, marketable, and sellable products and resources requires huge investments. It also requires thousands of people to be employed directly and in peripheral industries that service these industries. This is where Namibian companies can and must rise to the challenge.
Creating a financing framework and a business-friendly climate so that local companies can access finance is vital. A local financial institution, such as FNB Namibia, becomes an obvious partner, as it has years of experience in partnering, nurturing, and growing local companies. There is no reason why Namibian companies cannot be the suppliers to the oil and gas industry, and our bank is here to make sure that happens. We are committed to providing the necessary support and resources to ensure the success of local companies in the industry, so you can feel secure and confident in your endeavors.
We need these ‘potential’ opportunities to translate into actual work, jobs, and careers and local companies that can scale up and meet the demands of the oil and gas sector. To take Namibia to the next level, significant investment is required. Local players need to understand that in-country financing solutions are available and accessible to help them grow.
Speaking to Namibian companies and people across Namibia, I know that there are many projects out there. Local suppliers, local transporters, local engineers, local caterers, local hotels, and local equipment manufacturers, to name but a few, all stand the chance to be part of this socio-economic transformation. They need access to funding and guidance to ensure that they are not left behind. Our bank is focused on ensuring that Namibian companies work hand in hand with the larger international players in the energy sector to deliver growth.
By creating strategic and smart partnerships, ensuring and securing investments for local and international companies, and leveraging our local knowledge and networks, FNB Namibia will play a vital role in unlocking these sectors’ full potential and supporting the development of thriving local businesses. It will take hard work; we will all need to pull together and not become complacent. We cannot sit back and watch others develop Namibia and profit; we must be an intrinsic part of our country’s burgeoning socio-economic future.
Connie-Marlene Theyse is Head: Enterprise Banking, High touch and Mid Corporate Head at FNB Namibia Limited