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Namibia’s Cabinet Approves Upstream Local Content Policy, Marking a Turning Point for the Industry

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1 year ago

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With the nation on track for first oil production by 2029, the local content policy aims to ensure that Namibia’s oil wealth benefits its citizens by integrating local businesses and workforce into the value chain

JOHANNESBURG, South Africa, December 4, 2024/APO Group/ — 

In a strategic move for the industry, Namibia’s cabinet has approved the National Upstream Local Content Policy. The progressive policy is set to play a crucial role in reducing the nation’s dependency on foreign expertise by focusing on the development of local capacity. Aimed at strengthening economic sovereignty and empowering Namibians within the country’s oil and gas industry, the policy marks a turning point for the country as it targets first oil production by 2029.

The African Energy Chamber (AEC) – serving as the voice of the African energy sector – commends the Namibian government’s proactive stance on local content and its dedication to empowering local communities while maintaining a welcoming environment for foreign investment. It is clear that the policy is designed to balance the interests of local stakeholders with the needs of international oil companies, a model that other African nations can look to for guidance.

Namibia is preparing to start oil production from the Venus and Graff discoveries by 2029, with the Mopane field potentially bringing this production timeline much closer. Since 2022, the country has made a string of major discoveries in the Orange Basin. These include Graff-1X, Venus-1X, Jonker-1X, Lesedi-1X and Mopane-1X, among others. International energy companies including TotalEnergies, Shell and Galp Energias are leading the charge, with Galp recently spudding the Mopane-1A well as part of a four-well appraisal campaign. Work is ongoing to finalize timelines for Final Investment Decision (FID) and production, with FID for Venus-1X and Graff-1X is expected by the end of 2024, reinforcing the country’s growing oil potential.

It’s a powerful example for the rest of Africa of how to leverage oil and gas discoveries to fuel long-term development, job creation and economic growth

With this recent surge, the government has recognized the urgency of maximizing the involvement of local businesses, labor and resources in the nation’s oil and gas sector. The National Upstream Petroleum Local Content Policy aims to create a globally competitive supply chain while promoting sustainable development, energy independence and technological expertise within the country.

This policy addresses the unique challenges faced by Namibia’s upstream petroleum sector, which is capital-intensive, technologically driven and reliant on high-risk investments over long periods. Traditionally, such a sector tends to have a low level of local employment and a heavy reliance on imported goods and services. To counteract this, the policy is designed to ensure that Namibian businesses and workers are fully integrated into the petroleum value chain, from exploration and production to service delivery and technology provision.

One of the key features of the policy is its alignment with Namibia’s broader development frameworks, such as the National Development Plan, the Harambee Prosperity Plan and Vision 2030. These strategies underscore the goal of an industrialized economy driven by Namibians, where local expertise and resources play a central role. Through this policy, Namibia aims to encourage the participation of local companies in procurement, manufacturing and service provision, ultimately ensuring that the benefits of the country’s oil and gas wealth remain within its borders.

As part of the initiative, oil operators will be required to submit detailed ‘Local Content Plans’ when applying for exploration and production licenses. These plans will outline the operators’ commitments to hiring local labor, engaging local businesses for goods and services and investing in the training and development of Namibian workers. The Ministry of Mines and Energy will oversee compliance and enforcement, ensuring that the policy’s objectives are met and that Namibian participation in the oil and gas industry is maximized.

The policy also emphasizes the importance of a stable and transparent regulatory environment, which will provide clarity to investors and operators while fostering an atmosphere of trust and cooperation. By ensuring that local content requirements are clear and enforceable, the policy aims to attract responsible investment that benefits both the oil companies and the Namibian people.

“With first oil production set to begin by 2029 and discoveries already exceeding 11 billion barrels, the implementation of this policy is essential,” says NJ Ayuk, Executive Chairman of the AEC. “It’s a powerful example for the rest of Africa of how to leverage oil and gas discoveries to fuel long-term development, job creation and economic growth. As the policy moves towards implementation, the focus on local content, job creation and economic diversification is a testament to Namibia’s vision of becoming a key player in Africa’s energy sector, with its people at the heart of this transformation.”

Distributed by APO Group on behalf of African Energy Chamber.

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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2 days ago

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February 6, 2026

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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3 days ago

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February 6, 2026

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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3 days ago

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February 6, 2026

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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