Empowerment bill worries investors

The controversial National Equitable Economic Empowerment Bill (NEEEB) of 2015 is inching towards finalisation.

The bill, still viewed as a sore spot for investors coming into Namibia, is yet to be passed through parliament to become law.

The 2015 bill, aimed at empowering previously disadvantaged Namibians, is said to threaten investor confidence.

“NEEEB is aimed at correcting some of the socio-economic disparities resulting from Namibia’s political history. The bill has been in the works for several years now, and has resulted in investor uncertainty in respect of what it will mean for business,” the Namibia Investment Promotion and Development Board’s Margareth Gustavo says.

In remarks made at the Namibia Oil and Gas Conference, Gustavo said the NEEEB appears to be nearing finalisation.

The Namibia Oil and Gas Conference, which started on Tuesday in Windhoek, is a second of its kind for Namibia.

The conference is hosted by the Economic Association of Namibia, in partnership with the Namibia Investment Promotion and Development Board (NIPDB) and the Hanns Seidel Foundation, with the strategic partnership of the National Petroleum Corporation of Namibia (Namcor).

In 2021, the NIPDB red-flagged parts of the NEEEB, saying the bill is not investor friendly and needs to be revised.

The NIPDB’s Gustavo added that issues raised during consultations with the NIPDB have mostly been addressed
“Clarity on and finalisation of this bill is important in providing businesses and investors with certainty on what they can expect of Namibia’s economic empowerment agenda and the potential implications on business,” she said.

The board also says the oil and gas sector will create opportunities for local micro, small and medium enterprises (MSMEs).

NIPDB senior manager for marketing, communications and branding Catherine Shipushu says as the oil and gas industry expands there will be a growing demand for various products and services.

“As a host partner for the second year running, NIPDB was keen to showcase its role in facilitating foreign and local investments in the booming oil and gas sector,” she said.

Shipushu, who was speaking during a master class at the conference, said the NIPDB aims to empower local businesses to capitalise on opportunities.

Read more in The Namibian today.