Namibia sees uranium, oil driving rebound in foreign investment

Namibia expects foreign direct investment to rebound this year after a 25% decline in 2024, as idled uranium operations restart and global companies ramp up oil exploration and green hydrogen projects.

The southern African nation is positioning itself to attract renewed capital in these key sectors, Francois van Schalkwyk, an executive at the Namibia Investment Promotion and Development Board, said in emailed responses to questions.

“A number of the international oil companies are continuing to invest in exploration, but also in related services to potentially develop their projects,” he said. “We’re also looking forward to potentially seeing final investment decision from one of them either later this year or potentially sometime next year.”

Namibia is on the verge of becoming a major oil and gas producer after offshore discoveries by BP Plc and TotalEnergies SE in the Orange Basin. Total’s Venus discovery is set for a final investment decision next year.

The country is also trying to position itself as a key player in green-hydrogen development.

“While the price of hydrogen, especially green hydrogen remains a challenge, we are seeing progress in areas where hydrogen has clear applications,” said Van Schalkwyk. “We anticipate that one of the larger-scale projects could reach FID within the next year.”

The world’s third-largest uranium supplier also foresees a boost from the metal after prices improved.

“While not at their peak, they are at a level that has supported the restart of several mines that were placed under care and maintenance during” the pandemic, said Van Schalkwyk. “These mines have resumed operations, and we are now seeing active production across Namibia’s uranium industry.”

At the same time, new investments are being made, with the hope that three new mines will come online within the next five years, Van Schalkwyk said.

© 2025 Bloomberg

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