Namibia, a leading global uranium producer, will initiate discussions this year regarding the development of its first nuclear energy plant, President Netumbo Nandi-Ndaitwah announced on Thursday.
Addressing parliament, she stated that Namibia, holding the world’s third-largest uranium reserves, should leverage this resource to meet its own energy demands.
While a timeline for the plant’s completion remains undefined, the president assured that talks would commence within the current financial year.
Currently relying on energy imports, primarily from South Africa, Namibia has long expressed interest in incorporating nuclear power into its energy mix.
The nation’s uranium mines are estimated to hold the capacity to supply 10 percent of the world’s uranium used in nuclear power.
President Nandi-Ndaitwah also highlighted the potential of the oil and gas sector to transform Namibia’s economy within the next five years, a decision that led her to directly oversee this portfolio.
This development would necessitate the construction of Namibia’s first oil refinery.
Investments in this sector are expected to secure the nation’s energy supply, boost electrification, create jobs, and drive economic growth.
With unemployment near 37 percent and economic growth slowing, President Nandi-Ndaitwah emphasized the untapped potential of Namibia’s mining sector, which currently contributes 12 percent to the GDP and over 50 percent of foreign exchange earnings.
She also noted the potential for exploiting other mineral resources such as lithium, cobalt, manganese, graphite, and rare earth elements.
