WINDHOEK, May 5 — Namibia’s Central Bank Governor, Johannes !Gawaxab has emphasized the need for a clear legal framework to support the development of the country’s oil sector. !Gawaxab stressed that it is crucial to ensure that revenues from the sector are generated for the benefit of the nation and not for the interests of a few individuals. The governor also called for measures to be put in place to prevent corruption and nepotism in the oil sector through clear legal structures and regulations.
It is essential that all Namibian citizens and companies involved in the oil sector fully understand the legal basis on which they can extract and use oil off the country’s coast, !Gawaxab added. The governor noted that there have been many negative examples worldwide regarding oil, and Namibia must avoid such cases. The governor emphasized that it is crucial to ensure that the development of the oil sector aligns with the country’s best interests and promotes sustainable growth.
Namibia has vast offshore oil reserves, which can significantly boost the country’s economy. However, the potential negative impact of oil extraction on the environment and the socioeconomic well-being of communities cannot be ignored. Therefore, it is crucial to have a clear legal framework that ensures responsible and sustainable practices in the oil sector.
In conclusion, the Central Bank Governor’s call for a clear legal framework to support the development of Namibia’s oil sector is a step in the right direction. It is essential to ensure that the development of the sector benefits the nation as a whole and not a few individuals. The implementation of clear regulations and structures can help prevent corrupt practices and promote responsible and sustainable oil extraction practices. Namibia must learn from the negative examples worldwide and strive to develop its oil sector in a manner that aligns with its best interests and promotes sustainable growth. – Namibia Daily News