AGP Executive Report

Banking Expansion: Access Bank secured full authorisation to operate as a fully licensed commercial bank in Namibia, effective 2 October, adding a new player to the N$200bn sector. Labour & Pay: Bank Windhoek concluded salary talks with NAFINU, delivering a 6% pay increase and a 20% transport allowance adjustment for employees. Credit Watch: Bank Windhoek’s AA+(NA) credit rating was affirmed by GCR with a stable outlook. FMD Response: The FMD Support Fund mobilised over N$1.5m in biosecurity and surveillance supplies for 30 DVS teams in //Kharas. Economy Update: Namibia’s Q2 growth rose to 4.8% year-on-year, driven by services and agriculture, while mining contracted. Markets: NSX ended mixed; local index edged up while the overall index slipped, with oil down and gold up. Trade & Exports: Namibia launched its first Namibia Exporters’ Guide, urging firms to look beyond the small domestic market. Infrastructure: The upgraded Karibib–Usakos Road and Usakos Traffic Circle were officially opened, with warnings against overloading. Corporate Dispute: Trustco won a High Court attachment order freezing 200m shares in the Riskowitz-linked dispute.

Fuel & inflation watch: Petrol 95 rises by N$1.50 to N$26.58 from 7 October, while diesel prices stay unchanged for October, as the ministry cites higher international oil prices, shipping disruptions and a weaker Namibia dollar. Banking expansion: Bank of Namibia grants Access Bank Namibia a licence, adding a new player to the roughly N$200-billion sector. Oil & gas deal: Eco Atlantic’s farm-down to BP gets final regulatory approval for Walvis Basin blocks, moving operatorship to BP as exploration ramps up. Diplomacy for trade: President Nandi-Ndaitwah commissions Ndiitah Nghipondoka-Robiati as ambassador-designate to Switzerland and Geneva, tasked with securing trade, investment and tourism opportunities. Maritime business push: Hapag-Lloyd opens its own offices in Walvis Bay and Kigali (serving Rwanda and Burundi), aiming to deepen connectivity and customer support. Governance & services: MPs report severe strain in public health facilities, with stalled projects, shortages and poor sanitation. Entrepreneurship & markets: Windhoek Show spotlights exhibitors using the fair to test demand, while Kokeni PPI Chilli grows by turning local chilli into branded products. Sports note: Lhuan-dre Pretorius smashes 188* to break Chris Gayle’s men’s T20 record.

Oil & Gas Deal: BP has secured Namibia’s ministerial approval to farm down Eco (Atlantic) Oil and Gas’s 60% interest in three Walvis Basin licences (PEL 97, 99 and 100), paying N$44m and taking exploration costs, with Eco retaining 25% as seismic work ramps up. Fuel Prices: Petrol rises by N$1.50/litre in October while diesel stays unchanged; the energy ministry cites higher import and shipping costs, weaker Namibia dollar and volatile global markets. Banking & Crypto: Absa becomes Africa’s first bank to offer institutional digital-asset custody in South Africa, targeting a $1.5bn market and eyeing expansion across Africa subject to approvals. Cyber Security: NAM-CSIRT appoints Cornelia Shipindo as executive from 1 October to strengthen national incident response and protection of critical systems. Economy Watch: Namibia’s GDP grew 4.8% year-on-year in Q2 2026, led by services (health, trade, ICT and financial services), while inflation averaged 3.9% on higher transport costs. Maritime & Jobs: Walvis Bay Maritime Week kicks off, with Works and Transport Minister Veikko Nekundi pushing “marine excellence” to translate into skills, businesses and jobs. Governance & Oversight: Auditor-General flags that the Film and Video Development Fund operated in 2024/25 without a signed strategic plan, limiting verification of performance targets. Diplomacy: President Nandi-Ndaitwah commissions Ndiitah Ngipondoka-Robiati as Ambassador to Switzerland and Permanent Representative in Geneva, focusing on trade, investment and knowledge transfer.

Higher Education & Research: UCT, Unisa and the University of Bristol launched an Africa Charter implementation framework in Cape Town, formalising a new phase of transformative research collaboration after the Charter’s 2023 launch in Windhoek. Banking & Finance: Capricorn Group profit slipped 6.4% to N$1.87bn as Botswana dragged earnings, while Bank Windhoek’s performance helped cushion results; Nictus Holdings also reported a 19% profit rise to N$70m and a 35c dividend. Cybersecurity: Nam-CSIRT appointed Cornelia Shipindo as executive to strengthen Namibia’s national incident response and cyber resilience. Energy Transition: NamPower targets 70% renewables by 2030 and 80% self-sufficiency, backed by a N$21.8bn infrastructure investment over 30 years. FMD Shock to Trade: The EU is assessing Namibia’s FMD outbreak as a support fund mobilised over N$1.5m; Namibia is negotiating meat shipment movement rules, while restaurants report supply uncertainty. Business & Markets: Namibia’s non-banking financial sector grew to N$577.2bn in Q2; Bank Windhoek staff secured a 6% salary increase. Governance & Accountability: Dr Bryan Eiseb took over as ACC Director General, pledging stronger asset recovery and enforcement. Wildlife: Namibia recorded 24 rhinos poached so far this year, down from 43 in 2025.

Oil & Gas Investment: Bank of Namibia data shows oil and gas drew about N$74.4bn in foreign direct investment from 2021-2025, with a pre-oil push on skills, revenue management and local participation. Uranium Deal: Bannerman Energy says a CNOL cornerstone offtake arrangement will cover 60% of Etango output, after CNOL’s US$320.4m strategic investment and a 45% JV stake. Hydrogen Rail Milestone: CMB.TECH Namibia completed the first engine start of Africa’s first hydrogen dual-fuel locomotive engine, using locally produced green hydrogen in Walvis Bay. Economic Outlook: Simonis Storm expects Namibia’s 4.8% Q2 growth won’t hold, keeping 2026 growth near 2.0% as base effects fade and inflation risks rise. FMD Disruption: Foot-and-mouth disease continues to reshape trade and livelihoods, with Namibia investigating a returned meat shipment from Europe and livestock restrictions hitting markets and events, including the Windhoek Show’s livestock section. Wildlife Protection: Rhino poaching hit a decade-low in 2025, but officials warn syndicates are adapting and new environmental crimes are emerging. Governance & Land: Parliament approved four new Land Reform Advisory Commission members, with MPs stressing fair, evidence-based oversight. Finance & Pensions: GIPF assets reached about N$223bn, while Namibia’s gold purchases hit N$767.7m and the Welwitschia Fund returned 9.4% in H1.

Climate Finance Push: Namibia launched NDC 3.0 with a headline price tag of about N$241.5bn (US$14.07bn) to 2035, stressing that the real test is turning plans into measurable results across mitigation and adaptation. FMD Economic Shock: Foot-and-mouth disease could cost roughly 12,000 jobs and add up to 0.29 percentage points to inflation, with analysts warning of knock-on effects for GDP and rural livelihoods. Beef Export Risk: Namibia may lose up to N$3.3bn in European beef earnings if FMD triggers wider export suspensions; Meatco is also clarifying what happens to consignments already shipped or in transit. Partial FMD Lift: Restrictions have been partially eased after traceability showed the outbreak remains localised in //Kharas, allowing some slaughter and movement of specified processed products. Public Health Strain: The MVA Fund is under pressure as state hospitals admit they can’t always treat accident patients due to limited theatre and ICU capacity. Local Government Scrutiny: Walvis Bay has been ordered to halt a debt-collection contract with RedForce, with minister Sankwasa demanding a stop to spending, recovery of funds and further investigation. Markets Watch: The NSX Local Index hit a new 2026 high while the overall index fell, with sector moves led by real estate and basic materials. Connectivity Upgrade: MTC expanded 5G to five more towns, adding capacity and coverage support via the Universal Service Fund.

Foot-and-Mouth Disease (FMD): Namibia confirmed FMD in the //Kharas region, triggering nationwide livestock movement and trade suspensions and sparking panic buying in Windhoek; restrictions have since been partially eased north of the Veterinary Cordon Fence, while Meatco says surveillance and traceability are helping restore parts of the beef value chain. Public Health Investment: Namibia inaugurated its first dedicated Paediatric Intensive Care Unit at Windhoek Central Hospital, a N$28 million boost aimed at cutting child mortality. Climate Action: MEFT launched NDC 3.0 with 26 mitigation measures and 106 actions, plus adaptation priorities, with an estimated $14bn implementation cost. Local Content & Oil Policy: Naloba rejected a 10% local-content threshold for foreign works, while an oil expert warned Namibia to strengthen upstream petroleum laws before production. Mining & Trade: Cabinet endorsed gold acquisition progress and coordinated border management; Namibia’s president urged investors to build local processing plants. Education & Skills: Namibia launched a National Artificial Intelligence Institute, and AI tutoring labs were opened in Lüderitz with support from BW Kudu and Namport. Road Safety: NARETU and AA Namibia signed an MoU for defensive driving training targeting truck drivers. Regional Business: Botswana was praised for advancing COMESA-EAC-SADC tripartite trade integration, supporting wider regional market access.

Critical Minerals Push: Namibia’s president tells foreign investors to build processing plants locally, warning against “briefcase business” as the country seeks deeper value, jobs and local entrepreneurship from uranium, lithium, rare earths, copper and graphite. FMD Shock to Trade: Namibia confirmed foot-and-mouth disease in the //Kharas and imposed strict bans on moving cloven-hoofed animals and meat products, with export suspensions and Meatco urging discipline and reliance on verified updates as surveillance continues. Public Finance Accountability: Finance Minister Ericah Shafudah calls for stronger institutional frameworks and a culture of accountability to make Outcome-Based Budgeting deliver public value. Housing Funding: The National Housing Enterprise asks for N$662.29m over three years to expand affordable housing and serviced land, targeting thousands of plots and units. Labour Data Upgrade: Namibia launches a new Labour Market Information System to improve employment and skills planning using integrated national data. Water & Sanitation Delivery: AfDB-supported projects hand over sanitation facilities in Kavango West and Zambezi, boosting water, sanitation and hygiene access. Cross-Border Trade: Namibia and Nigeria sign an MoU to develop an Africa cross-border commerce and investment summit to connect businesses and markets. UN Rights Milestone: Namibia’s Universal Periodic Review outcome is adopted by consensus, with most recommendations supported for integration into national plans.

Foot-and-mouth disease shock to beef exports: Namibia confirmed FMD in its internationally recognised FMD-free zone, with 17 positive samples out of 199 from intensified surveillance all linked to the Karasburg State Veterinary District; authorities are tracing animal movements and keeping cases confined while suspending livestock movement and meat exports. Housing push: The National Housing Enterprise (NHE) asked for N$662.29m over three years to expand affordable housing and serviced land, targeting 4,215 plots and 750 units, with an expected 10,000 jobs and support from DBN/DBSA. Pensions backing development: Government opened GIPF’s new Ondangwa regional office, highlighting investments in housing, infrastructure, renewables, healthcare, agriculture, logistics, education and enterprise development, and calling for more direct agricultural and water investment. Labour data upgrade: Namibia launched a new Labour Market Information System to improve timely employment and skills data for policymakers, businesses and workers. Trade and infrastructure: Namibia and Nigeria signed an MoU to build an Africa cross-border commerce and investment summit platform, while Kavango West and Zambezi received sanitation facilities under AfDB-backed water and sanitation programmes. Diamonds to China: The Beijing Declaration Agreement aims to deepen ties between Namibia/Botswana/South Africa diamond producers and China’s jewellery market, with a push toward more value-add processing.

Foot-and-Mouth Disease Shock to Livestock Trade: Namibia has confirmed foot-and-mouth disease in the //Kharas Region, with 17 positive samples out of 199 and all cases confined so far to the Karasburg State Veterinary District—prompting a nationwide ban on livestock movement and the suspension of meat exports, while Meatco halts beef exports and authorities tighten road controls into Windhoek. Customs and supply under strain: Lawyers and kapana sellers are pushing for clarity on how FMD restrictions affect slaughter for weddings and funerals, as consumers rush to secure meat. Oil and gas investment signal: Bank of Namibia research says the oil and gas sector brought about N$74.4bn in foreign direct investment since 2021 (around 56% of inflows), though GDP impact remains limited by import and capacity constraints. Macroeconomy: Namibia’s economy grew 4.8% year-on-year in Q2 2026, led by tertiary services and a rebound in agriculture and forestry. AI push in banking: Standard Bank Namibia says it plans to lead AI adoption for financial inclusion, healthcare insight and business growth, without naming specific systems. Security alert: Windhoek police warn of organised taxi robberies targeting passengers, including forced cash withdrawals and transfers. Youth and AI jobs: Young Namibians are turning AI skills into income through websites, digital services and training.

Economy Watch: Namibia’s economy grew 4.8% year-on-year in Q2 2026, with tertiary industries leading, including health (+17.6%) and wholesale/retail trade (+9.0%). FMD Shock to Trade: Foot-and-mouth disease restrictions are tightening nationwide: Windhoek suspended meat permits and slaughter activities, livestock movement and exports were halted, and roadblocks were stepped up—raising pressure on the beef value chain ahead of key events. Local Governance & Oversight: MPs called for stronger financial and administrative oversight of the land reform programme after audit concerns around the Land Acquisition and Development Fund. Critical Minerals & Jobs: Namibia urged foreign investors to build local processing plants, while KoBold Metals said it wants faster exploration approvals in Namibia to compete globally. Climate Financing: Namibia launched NDC 3.0, targeting about US$14.07bn in investment through 2035 for mitigation and adaptation. Digital & Skills: Namibia is pushing AI and youth skills—launching an AI institute and highlighting young entrepreneurs turning AI into income. Security Alert: Windhoek police warned of organised taxi robberies targeting passengers, including forced cash withdrawals and transfers. Business Education: IUM launched a Graduate School of Business for SADC-focused professional development and industry-linked research.

Foot-and-Mouth Disease Shock to Beef Exports: Namibia confirmed FMD in the southern //Kharas/Karasburg area, triggering nationwide suspension of movement and marketing of cloven-hoofed animals and related products, with Windhoek halting meat permits and slaughter; Meatco has also suspended beef exports pending veterinary guidance. Macroeconomy Update: Namibia’s economy grew 4.8% in Q2 2026, led by wholesale/retail trade, agriculture/forestry and health, with crop output boosted by favourable rainfall. Public Finance: Government agreed to keep N$483.9m of GC27 bond proceeds longer via a switch auction, leaving N$3.1bn still owed to investors and setting up further auctions. Digital & AI Push: ICT minister Emma Theofelus said 4G coverage is ~89% and mobile broadband ~61%, as Namibia launches its National AI Institute and highlights local AI jobs and a national data centre. Tourism Momentum: Hospitality occupancy hit 69.53% in August on strong European demand, just below 70% structural peak. Energy/Mining Deal: Bannerman Energy completed a US$320.4m financing milestone for the Etango uranium project with CNOL, improving funding for a targeted late-2026 investment decision. Diplomacy: Nepal and Namibia established diplomatic relations on the UNGA sidelines.