This article is a verbatim version of a welcoming speech delivered Jason Kasuto, the Chairperson of the Economic Association of Namibia, at the second Namibia Oil and Gas Conference in Windhoek
This year’s second edition of the Namibia Oil and Gas Conference, 2024, is themed on the next steps towards a prosperous oil and gas industry to power Namibia’s sustainable future.
This requires us to locate the meaning of specific keywords used in that theme. The question is, can the oil and gas industry be prosperous if the nation is not prosperous? Most definitely clear.
After all, we can safely assume that Namibia has a prosperous mining industry that we were recording in progress.
Has that equated to a prosperous nation?
These are some of the difficult questions we need to ask ourselves.
What is a prosperous nation, and what does a prosperous Namibia look like?
According to our Human Development Index, Namibia is rated at 0.610, which puts us in the medium bracket. We rank 142 out of 193 countries.
It has been quite a feat since 1990, from independence to where we are currently.
Now, with the abundant resources that we have, a stable democratic dispensation, in fact, some of my friends from the continent often make a joke.
It’s not a joke; it’s that way, but how we were able to apply agility when our former head of state had passed on and transitioned to a new head of state within 24 hours was something they often said to me as a triumph.
Is it coupled with a healthy and welcoming investment environment, independent judiciary, property rights, and an advanced financial system? Where is the challenge?
Then, perhaps in answering that, the challenges are probably more underpinned by the economic structure that can take us towards that prosperous nation.
And what would that be defined by?
A strong, number one, firstly, a robust and diverse economy, a social fabric that is underpinned by a good measure of public investment in quality, health, education, and social justice that ensures access for all, environmental sustainability, political stability and governance, cultural richness, and social cohesion.
That’s the prosperity we’re talking about. So, will oil and gas exist in Namibia during this prosperity? Yes, it can.
I’m confident that all players, local and international, are aligned with the need to ensure sustainability.
We have witnessed in other nations how citizens have watched the rigs, and the tankers operate and leave their shores with the hydrocarbons while, at the same time, seeing an influx of foreign nationals driving big cars, living very well, and working for the oil companies amidst a poor local citizenry has resulted in regime change.
Therefore, growth in GDP, taxes and royalties alone will not automatically result in inclusive growth.
The reality is that given the recent discoveries that still need to be commercially actualised, can Namibia absorb, accommodate, and service the oil and gas industry support requirements to create real, visible value in the country?
Once we can answer that fundamental question and begin to focus on four key elements: knowledge and skills transfer, infrastructure, capital mobilisation and strategy, specifically in-country value creation strategy, we will then start the journey towards addressing the theme of this conference.
The mandate of the Economic Association of Namibia is to be a catalyst in the country’s economic development agenda and serve as a think tank that, amongst others, ensures that conversations between private, public, and civil society sectors reach policy.
Hence, hosting the second edition of the Namibia Oil and Gas Conferences is part of the EAN’s annual conference, which is how we bring our mandate to reality.
This year, we have witnessed an oversubscription. We had planned for 700. The team informed me that we are at 900, 930, which created a bit of nerve.
But this speaks to a three-fold reality. One, Namibia wants to be ready.
Two, the international community and players want to know how ready Namibia is.
Third, all these parties want to see a sustainable, realistic roadmap that engenders a future successful case study of Namibia’s oil and gas sector. We have that commonality.
As an Economic Association of Namibia, we have endeavoured without any compromise to ensure that this conference targets the four elements I mentioned earlier.
Knowledge, transfer, infrastructure, requirements, capital mobilisation, and in-country value creation strategy are really what we are trying to spark conversation about over the three days with the master classes that started yesterday.
These three days encompass an ecosystem that comprises master classes, sharing lessons of experience from a lineup of over 60 distinguished speakers, an unparalleled networking opportunity, exhibitor showcasing, which is a new addition to this year, and, ultimately, insights that will guide national policy and strategy.
Of course, making the EAN’s mandate a reality has required an invaluable partnership with the Namibia Investment Promotion and Development Board, the Hans Seidel Foundation, and strategic partnerships with Namcor and SNC Incorporated.
I am very happy to announce that we also shared with the honourable Minister of Minds and Energy two weeks ago, in our debrief session, that the Namibia Oil and Gas Conference will now become an annual event and the date for next year’s conference will be announced in the next two days.
