Editing Economy of Namibia (section)

==Sectors==
Namibia is heavily dependent on the extraction and processing of minerals for export. Taxes and royalties from mining account for 25% of its [[revenue]].<ref>[http://www.nied.edu.na/divisions/projects/SEEN/SEEN%20Publications/Environmental%20Information%20Sheets/Development%20and%20Environment/4.%20Mining%20in%20Namibia.pdf Mining In Namibia, NIED information sheet] {{webarchive|url=https://web.archive.org/web/20110510004055/http://www.nied.edu.na/divisions/projects/SEEN/SEEN%20Publications/Environmental%20Information%20Sheets/Development%20and%20Environment/4.%20Mining%20in%20Namibia.pdf |date=10 May 2011 }}</ref> The bulk of the revenue is created by diamond mining, which made up 7.2% of the 9.5% that mining contributes to Namibia's GDP in 2011.<ref name="Gem">{{cite news
 |url         = http://www.namibian.com.na/news/marketplace/full-story/archive/2012/november/article/mining-remains-gem-of-economy/
 |title       = Mining remains gem of economy
 |last        = Duddy
 |first       = Jo-Maré
 |date        = 27 November 2012
 |work        = [[The Namibian]]
 |url-status     = dead
 |archive-url  = https://archive.today/20130111220312/http://www.namibian.com.na/news/marketplace/full-story/archive/2012/november/article/mining-remains-gem-of-economy/
 |archive-date = 11 January 2013
 |df          = dmy-all
}}</ref> Rich [[alluvial deposit|alluvial diamond deposits]] make [[Namibia]] a primary source for gem-quality diamonds. Namibia is a large exporter of [[uranium]] and over the years the mining industry has seen a decline in the international commodity prices such as [[uranium]], which has led to the reason behind several uranium projects being abandoned. Experts say that the prices are expected to rise in the next 3 years because of an increase in nuclear activities from both Japan and China.

===Mining and energy===
{{Main|Mining in Namibia}}{{See also|List of power stations in Namibia}}
[[File:Arandis Mine hochformat.jpg|thumb|[[Rössing uranium mine]], an open-pit mine located near [[Arandis, Namibia|Arandis]], [[Erongo Region]]]]
Mining and quarrying have been at the forefront of Namibia’s consistent growth over the last 40 years. Despite economic diversification in other sectors, the mining sector has maintained strong contributions to annual GDP figures. Average contribution since 1980 stands at 11%.<ref name=":1">{{Cite web |title=Cirrus Capital {{!}} 100% Namibian-owned, broad-scoped financial services |url=https://cirrus.com.na/ |access-date=2024-02-13 |website=Cirrus |language=en}}</ref>

Diamond mining has been Namibia’s prized mineral over the last 40+ years, and contributed over 60% of the real GDP generated from mining over the period. Diamond production increased over 45% in 2022 thanks to Debmarine Namibia, who produced a record 1.725 million carats, with the Benguela Gem producing 480,000 carats.<ref name=":1" />

Diamond production totalled 2.2&nbsp;million [[Carat (unit)|carat]]s in 2022, generating over N$14&nbsp;billion in export earnings. Other important mineral resources are [[uranium]], gold, metal ores, copper, and [[zinc]]. The country also extracts silver, [[tin]], [[vanadium]], semiprecious [[gemstones]], [[tantalite]], [[phosphate]], [[sulphur]], and mines salt.<ref name="USDoS" />

==== Uranium ====
{{Main|Uranium mining in Namibia}}
Namibia is the fourth-largest exporter of nonfuel minerals in Africa, the world's fourth-largest [[Uranium mining in Namibia|producer]] of [[uranium]], and the producer of large quantities of lead, [[zinc]], [[tin]], silver, and [[tungsten]]. The country produced 11% of uranium worldwide in 2020, making it the second largest producer of Uranium after [[Kazakhstan]].<ref>{{Cite web |last=Lazarus |first=Shania |date=2024-04-11 |title=Uranium mining growth to slow due to water shortages |url=https://www.namibian.com.na/uranium-mining-growth-to-slow-due-to-water-shortages/ |access-date=2024-07-03 |website=The Namibian |language=en-GB}}</ref>

Namibia is home to two [[uranium]] mines ([[Langer Heinrich Mine|Langer Heinrich]] and [[Rössing uranium mine|Rössing]]) believed to be capable of providing 10% of the global mining output. Langer Heinrich began operation in 1976, with Rossing opening in 2006.<ref>{{Cite web |date=2008-08-11 |title=Resource boost at Namibian deposit |url=https://world-nuclear-news.org/Articles/Resource-boost-at-Namibian-deposit |access-date=2024-07-03 |website=World Nuclear News}}</ref>

The mining sector employs only about 3% of the population while about half of the population depends on subsistence agriculture for its livelihood. Namibia normally imports about 50% of its cereal requirements; in drought years food shortages are a major problem in rural areas.<ref>{{Cite web|title=Namibia's food security improves... No major price increases for cereals - Namibia|url=https://reliefweb.int/report/namibia/namibia-s-food-security-improves-no-major-price-increases-cereals|access-date=2021-10-14|website=ReliefWeb|date=25 July 2017 |language=en}}</ref>

==== Crude oil ====
During the pre-independence period, large areas of Namibia, including off-shore, were leased for [[petroleum|oil]] prospecting. Some natural gas was discovered in 1974 in the [[Kudu Field]] off the mouth of the [[Orange River]], but the extent of this find is only now being determined.<ref>[https://2009-2017.state.gov/outofdate/bgn/namibia/47082.htm#:~:text=Natural%20gas%20was%20discovered%20in,not%20is%20expected%20in%202005 Namibia (02/05)], [[U.S. Department of State]]. (n.d.) Retrieved 26 June 2022</ref> It is only in 2022 with the Graff discovery<ref>{{Cite web |last=Esau (i_esau) |first=Iain |date=2022-04-06 |title=Happy days: Shell's Graff discovery in Namibia holds 2 billion boe of oil and gas - sources {{!}} Upstream Online |url=https://www.upstreamonline.com/exclusive/happy-days-shell-s-graff-discovery-in-namibia-holds-2-billion-boe-of-oil-and-gas-sources/2-1-1197669 |access-date=2022-08-24 |website=Upstream Online {{!}} Latest oil and gas news |language=en}}</ref> of [[Shell plc|Shell]] and the Venus discovery<ref>{{Cite web |title=Namibie : TotalEnergies fait une découverte significative sur le bloc 2913B |url=https://totalenergies.com/fr/medias/actualite/communiques-presse/namibie-totalenergies-fait-decouverte-significative-bloc-2913b |access-date=2022-08-24 |website=TotalEnergies.com |date=24 February 2022 |language=fr}}</ref> of [[TotalEnergies]] that Namibia became a true exploration frontier.

In response to the discovery of an estimated 11 billion barrels of crude oil off its coast in 2022, discovered by international oil giants TotalEnergies SE and Shell Plc, Namibia is preparing for a pivotal moment in its economic development. A final investment decision regarding the commercial viability of this discovery is expected by the end of 2024. To manage potential oil revenues effectively, the Namibian government has proposed the creation of a sovereign wealth fund. This fund is intended to secure long-term [[economic stability]] and allocate benefits across generations.<ref name=":2" />

Legislation to outline the management, investment strategies, and withdrawal protocols of the fund is currently under development. This approach reflects Namibia's strategic planning to harness its oil resources responsibly while aiming for sustainable economic growth and ensuring that the benefits are widely distributed among its population.<ref name=":2">{{Cite news |last1=Hill |first1=Matthew |last2=Bull |first2=Alister |date=2024-04-16 |title=Namibia Sees Final Investment Decision on Oil Find by End 2024 |url=https://www.bloomberg.com/news/articles/2024-04-16/namibia-sees-final-investment-decision-on-oil-find-by-end-2024 |access-date=2024-04-17 |work=Bloomberg.com |language=en}}</ref>

===Agriculture===
{{Main|Agriculture in Namibia}}
[[File:Rotational grazing camp for livestock in Central Thornveld Namibia.png|thumb|Grazing camp for livestock in the Central Thornveld of Namibia]]
[[File:Heaps of chipped woody biomass in Namibia.jpg|thumb|Chipped woody biomass in Namibia for thermal energy applications]]
[[File:Charcoal Packaging - Namibia.jpg|thumb|Packaging of export charcoal produced from [[Woody plant encroachment|encroacher bush]]]]
About half of the population depends on agriculture (largely [[subsistence agriculture]]) for its livelihood, but Namibia must still import some of its food. Although per capita GDP is five times the per capita GDP of Africa's poorest countries, the majority of Namibia's people live in rural areas and exist on a subsistence way of life. Namibia has one of the [[List of countries by income equality|highest rates of income inequality]] in the world, due in part to the fact that there is an urban economy and a more rural cash-less economy. The inequality figures thus take into account people who do not actually rely on the formal economy for their survival. Although arable land accounts for only 1% of Namibia, nearly half of the population is employed in agriculture.<ref name="World Almanac 2004">World Almanac. 2004.</ref>

About 4,000, mostly white, commercial farmers own almost half of Namibia's arable land.<ref>LaFraniere, Sharon (25 December 2004) [https://www.nytimes.com/2004/12/25/international/africa/25namibia.html Tensions Simmer as Namibia Divides Its Farmland"], ''The New York Times''</ref> Agreement has been reached on the [[privatisation]] of several more enterprises in coming years, with hopes that this will stimulate much needed foreign investment. However, reinvestment of environmentally derived capital has hobbled Namibian per capita income.<ref name="Lange">{{cite journal|doi=10.1007/s10640-004-4045-z|last=Lange |first=Glenn-Marie|title= Wealth, Natural Capital, and Sustainable Development: Contrasting Examples from Botswana and Namibia|journal= Environmental & Resource Economics|year=2004|volume=29 |issue =3|pages=257–83|bibcode=2004EnREc..29..257L |s2cid=155085174}}
</ref>

One of the fastest growing areas of economic development in Namibia is the growth of [[Communal Wildlife Conservancies in Namibia|wildlife conservancies]]. These conservancies are particularly important to the rural generally unemployed population.<ref>{{Cite web |title=Devil’s Claw brings financial relief to communities in Omaheke conservancies {{!}} NACSO |url=https://www.nacso.org.na/news/2021/08/devils-claw-brings-financial-relief-to-communities-in-omaheke-conservancies |access-date=2024-10-02 |website=www.nacso.org.na}}</ref>

Agriculture is increasingly under pressure, due to factors such as frequent and prolonged [[drought]]s as well as [[woody plant encroachment]]. These render conventional agriculture unsustainable for a growing number of land owners, with many diverting their economic activities to alternative of additional sources of income.<ref>{{Cite web |last=New Era |title=Bush encroachment wrecks 45 million hectares |url=https://neweralive.na/posts/bush-encroachment-wrecks-45-million-hectares |access-date=2023-10-21 |website=Truth, for its own sake. |date=15 September 2022 |language=en}}</ref>

In recent years, the utilisation of residual biomass that results from the control of [[woody plant encroachment]] has gained traction.<ref>{{Cite web |title=Biomass sector will grow significantly over the next years – Mungunda {{!}} Namibia Economist |url=https://economist.com.na/46408/environment/biomass-sector-will-grow-significantly-over-the-next-years-mungunda/ |access-date=2023-10-21 |language=en-GB}}</ref> In 2022, Namibia was the seventh largest exporter of charcoal globally, with total export volumes of over 280,000 tonnes and revenues of USD 75 million.<ref>{{Cite web |title=Trade Map - List of exporters for the selected product in 2022 (Wood charcoal, incl. shell or nut charcoal, whether or not agglomerated (excl. wood charcoal ...) |url=https://www.trademap.org/(X(1)S(qklogl45sbkpqs45vtsq1sy5))/Country_SelProduct.aspx?nvpm=1%7C%7C%7C%7C%7C4402%7C%7C%7C4%7C1%7C1%7C2%7C1%7C%7C2%7C1%7C1%7C1&AspxAutoDetectCookieSupport=1 |access-date=2023-10-21 |website=www.trademap.org}}</ref> Other products from local encroacher biomass include bush-based animal fodder,<ref>{{Cite news|date=2020-06-09|title=Bush-based animal feed viable for farming - DAS|work=New Era|url=https://neweralive.na/posts/bush-based-animal-feed-viable-for-farming-das|access-date=2020-06-14}}</ref><ref>{{Citation |last1=Mupangwa |first1=Johnfisher |title=Utilising Encroacher Bush in Animal Feeding |date=2023 |url=https://link.springer.com/10.1007/978-981-99-2427-1_14 |work=Towards Sustainable Food Production in Africa |pages=239–265 |editor-last=Fanadzo |editor-first=Morris |access-date=2023-10-21 |place=Singapore |publisher=Springer Nature Singapore |language=en |doi=10.1007/978-981-99-2427-1_14 |isbn=978-981-99-2426-4 |last2=Lutaaya |first2=Emmanuel |last3=Shipandeni |first3=Maria Ndakula Tautiko |last4=Kahumba |first4=Absalom |last5=Charamba |first5=Vonai |last6=Shiningavamwe |first6=Katrina Lugambo |editor2-last=Dunjana |editor2-first=Nothando |editor3-last=Mupambwa |editor3-first=Hupenyu Allan |editor4-last=Dube |editor4-first=Ernest|url-access=subscription }}</ref> [[Wood–plastic composite|wood-plastic composite]] materials,<ref>{{Cite web |title=Acacia-Composites {{!}} WPC {{!}} Decking {{!}} Made in Namibia {{!}} South Africa {{!}} Europe {{!}} Windhoek |url=https://www.acacia-composites.com.na/ |access-date=2023-10-21 |website=Acacia-Composites |language=en}}</ref> thermal energy in a cement factory<ref>{{Cite web |title=Ohorongo Cement: Fuel |url=https://www.ohorongo-cement.com/enviro/category/fuel |access-date=2023-10-21 |website=Ohorongo Cement |language=English}}</ref> and a brewery<ref>{{Cite web |title=The brewery using bush biomass |url=https://akzente.giz.de/en/brewery-using-bush-biomass |access-date=2023-10-21 |website=akzente |language=en}}</ref> and biochar.{{citation needed|date=October 2023}} In 2019 it was estimated that 10,000 workers were employed in the growing sub-sector of biomass utilisation, rendering it one of the biggest sub-sectors in terms of employment.<ref>{{Cite news|date=August 2019|title=Charcoal industry now employs some 10 000 workers|work=New Era|url=https://neweralive.na/posts/charcoal-industry-now-employs-some-10-000-workers|access-date=2020-06-14}}</ref><ref>{{Cite news|date=2019-08-12|title=Biomass sector will grow significantly over the next years – Mungunda|work=Namibia Economist|url=https://economist.com.na/46408/environment/biomass-sector-will-grow-significantly-over-the-next-years-mungunda/|access-date=2020-06-14}}</ref>

====Fishing====
[[File:Celebrating 20 Years at Port Hercule (05110030) (44657164994).jpg|thumb|Workers on a governmental marine research vessel in Namibia]]
The clean, cold South [[Atlantic]] waters off the coast of Namibia are home to some of the richest fishing grounds in the world, with the ''potential'' for sustainable yields of 1.5&nbsp;million [[tonne]]s per year. Commercial fishing and fish processing is the fastest-growing sector of the Namibian economy in terms of employment, export earnings, and contribution to GDP.<ref>{{Cite book |author1=Blessing Chiripanhura |author2=Mogos Teweldemedhin |title=An Analysis of the Fishing Industry in Namibia: The Structure, Performance, Challenges, and Prospects for Growth and Diversification |publisher=African Growth and Development Policy |year=2016 |location=Namibia |pages=17–18 |language=en |url=https://www.ifpri.org/publication/analysis-fishing-industry-namibia-structure-performance-challenges-and-prospects-growth |access-date=9 November 2023}}</ref>

The main species found in abundance off Namibia are pilchards ([[sardine]]s), [[anchovy]], [[hake]], and [[horse mackerel]]. There also are smaller but significant quantities of sole, squid, deep-sea crab, rock lobster, and tuna.<ref>{{cite web |title=Marine life in Namibia |url=https://namibian.org/nature/marine-life/ |website=namibian.org |publisher=Namibia Safari2go |access-date=26 October 2022 |language=en}}</ref>
At the time of independence, [[Fish stocks|fish stock]]s had fallen to dangerously low levels, due to the lack of protection and conservation of the [[fisheries]] and the [[over-exploitation]] of these resources. This trend appears to have been halted and reversed since independence, as the Namibian Government is now pursuing a conservative resource management policy along with an aggressive fisheries enforcement campaign.  The government seeks to develop fish-farming as an alternative and has prioritised it as part of Vision 2030 and NDP2.<ref>{{cite web|url=https://mfmr.gov.na/documents/411764/436209/Aquaculture+Strategic+Plan.pdf/df025d1d-bc11-9831-5b49-cb11fe249d89?version=1.0&download=true|title=Namibia's Aquaculture Strategic Plan|date=May 2004|access-date=28 February 2023}}</ref>

On 12 November 2019, [[WikiLeaks]] published thousands of documents and email communication by [[Samherji|Samherji's]] employees, called the [[Fishrot Files]], that indicated  hundreds of millions [[ISK]] had been paid to high ranking politicians and officials in [[Namibia]] with the objective of acquiring the country's coveted fishing quota.<ref>{{cite news |author1=Helgi Seljan |author2=Aðalsteinn Kjartansson |author3=Stefán Aðalsteinn Drengsson |title=What Samherji wanted hidden |url=https://www.ruv.is/kveikur/fishrot/ |access-date=13 November 2019 |work=[[RÚV]] |language=is}}</ref>

===Manufacturing and infrastructure===
In 2000, Namibia's manufacturing sector contributed about 20% of GDP. Namibian manufacturing is inhibited by a small domestic market, dependence on imported goods, limited supply of local capital, widely dispersed population, small skilled labour force and high relative wage rates, and subsidised competition from South Africa.

Walvis Bay is a well-developed, [[deepwater port]], and Namibia's fishing infrastructure is most heavily concentrated there. The Namibian Government expects Walvis Bay to become an important commercial gateway to the Southern African region.

Namibia also boasts world-class civil aviation facilities and an extensive, well-maintained land transportation network. Construction is underway on two new arteries—the [[Trans-Caprivi Highway]] and [[Trans-Kalahari Highway]]—which will open up the region's access to Walvis Bay.

The [[Walvis Bay Export Processing Zone]] operates in the key port of [[Walvis Bay]].

===Tourism===
[[File:Equus burchelli 4.jpg|thumb|An example of Namibian wildlife, the [[plains zebra]], one focus of tourism]]
{{Main|Tourism in Namibia}}
[[File:Etosha elefant.jpg|thumb|Elephant in the [[Etosha National Park]]]]
[[File:Namibia from Linyanti River.jpg|thumb|A view into Namibia from the border of [[Botswana]], on the [[Linyanti River]]]]

Tourism is a major contributor (14.5%) to Namibia's GDP, creating tens of thousands of jobs (18.2% of all employment) directly or indirectly and servicing over a million tourists per annum.<ref>{{cite web|title=A Framework/Model to Benchmark Tourism GDP in South Africa |publisher=Pan African Research & Investment Services |page=34 |date=March 2010 |url=http://www.southafrica.net/sat/action/media/downloadFile?media_fileid=29571 |url-status=dead |archive-url=https://web.archive.org/web/20100718143151/http://www.southafrica.net/sat/action/media/downloadFile?media_fileid=29571 |archive-date=18 July 2010 }}</ref> The country is among the prime destinations in Africa and is known for [[ecotourism]] which features [[Wildlife of Namibia|Namibia's extensive wildlife]].<ref name=goodshape>{{cite news |title=Tourism in good shape – Minister |last=Hartman |first=Adam |newspaper=[[The Namibian]] |date=30 September 2009 |url=http://www.namibian.com.na/index.php?id=28&tx_ttnews%5Btt_news%5D=51487&no_cache=1}}</ref>

There are many lodges and reserves to accommodate eco-tourists. Sport Hunting is also a large, and growing component of the Namibian economy, accounting for 14% of total tourism in the year 2000, or $19.6&nbsp;million US dollars, with Namibia boasting numerous species sought after by international sport hunters.<ref name=Humavindu>{{cite journal|author1=Humavindu, Michael N. |author2=Barnes, Jonothan I |title= Trophy Hunting in the Namibian Economy: An Assessment. Environmental Economics Unit, Directorate of Environmental Affairs, Ministry of Environment and Tourism, Namibia|journal= South African Journal of Wildlife Research |volume=33|issue=2|pages= 65–70 |date=October 2003}}</ref> In addition, extreme sports such as [[sandboarding]], [[skydiving]] and 4x4ing have become popular, and many cities have companies that provide tours. The most visited places include the [[Caprivi Strip]], [[Fish River Canyon]], [[Sossusvlei]], the [[Skeleton Coast]] Park, [[Sesriem]], [[Etosha Pan]] and the coastal towns of [[Swakopmund]], [[Walvis Bay]] and [[Lüderitz]].<ref>{{cite web |url=http://www.namibiatourism.com.na/namibia-top-attractions/ |title=Namibia top tourist destinations |publisher=Namibiatourism.com.na |url-status=dead |archive-url=https://web.archive.org/web/20161227102320/http://www.namibiatourism.com.na/namibia-top-attractions/ |archive-date=27 December 2016 |df=dmy-all }}</ref>

In 2020, it would be estimated that tourism would bring is $26 million [[Namibian dollar]]s however due to the COVID-19 pandemic, Namibia saw a reduction of almost 90% in tourism. In the third quarter of 2021, there was an increase in tourism, however, it is estimated that it will be until 2023 when tourism returns to some kind of normality.