WINDHOEK, July 23  — Namibia‘s financial system remains stable, sound, and resilient despite heightened global macrofinancial uncertainties, according to a recent assessment by the Macroprudential Oversight Committee of the Bank of Namibia (BoN).

BoN Deputy Governor Ebson Uanguta, in a statement on Tuesday, said Namibia‘s real gross domestic product (GDP) grew by 2.7 percent in the first quarter of 2025, though it was lower than the 4.8 percent growth recorded in the same period last year.

“This was mainly due to growth recorded across sectors such as mining, electricity generation, wholesale and retail trade, tourism, communication, and transport.

Overall real GDP growth is projected to moderate to 3.5 percent in 2025, from 3.7 percent recorded in 2024,” he said.

Uanguta said the downsides to the outlook include heightened risks from persistent global uncertainty, such as trade tensions, geopolitical disruptions, and unpredictable commodity prices.

“Domestically, factors such as water supply disruption at coastal towns, and animal disease outbreaks, as well as slow execution of the development budget, may continue to pose downside risks to growth,” he added.

According to Uanguta, the banking sector remained sound, well-capitalized, and liquid during the first quarter of 2025, with a notable improvement in asset quality.

“The banking sector’s total assets declined by 2.1 percent to 182.7 billion Namibian dollars (about 10.4 billion U.S. dollars) during the first quarter, mainly due to a significant decline in cash and balances, primarily because of dividend payouts,” he noted.

For the non-bank financial institutions (NBFI) subsector, Uanguta said the NBFI also demonstrated soundness and resilience in the first quarter of 2025, despite global equity market volatility.

NBFI assets expanded by 12.8 percent year-on-year to 481.6 billion Namibian dollars by March 2025, supported by positive financial market performance, he added. (Xinhua)

WINDHOEK, July 23 — Namibia has unveiled a new five-year development plan to grow the economy by 7 percent annually, as the country seeks to attract investment, create jobs, and return to upper-middle income status by 2030.

The plan, known as the Sixth National Development Plan (NDP6), was launched by President Netumbo Nandi-Ndaitwah on Monday and will guide economic and social policies from 2025 to 2030.

In the policy document, the country, with a population of approximately 3 million, aims to increase its gross domestic product (GDP) per capita to over 6,500 U.S. dollars by the end of the decade.

This plan reflects our determination to achieve inclusive and sustainable development that leaves no one behind,” Nandi-Ndaitwah said in the foreword.

According to the economic plan, the mineral-rich country seeks to raise manufacturing’s share of the economy to 18 percent and the overall share of secondary industries to 25 percent, with a target of making 60 percent of its exports manufactured goods.

It also aims to target 150 million barrels of oil equivalent and 130 million cubic feet of gas per day by 2030. In the energy sector, the country intends to boost renewable energy capacity to 700 megawatts by 2028 and create 30,000 green jobs.

To support this growth, Namibia plans to invest in transport, energy, digital networks, and water infrastructure, targeting to raise employment from 63 percent to 75 percent by 2030, with a focus on young people and small businesses.

The plan will be financed through both local and international sources, including private investment and public funding, as stated in the policy document. In early July, Namibia was reclassified by the World Bank as a lower-middle-income country.