AGP Executive Report

Livestock Crisis: Foot-and-mouth restrictions are squeezing Namibia’s meat trade and rural incomes, while informal vendors in Windhoek report lost red-meat sales and soaring chicken and fish costs. Mining: Output fell 4% in August, with diamond production down 12%; quarterly diamond output also slipped to 495,000 carats. Tin: Andrada Mining swung to a £2.5 million half-year profit as higher tin prices and production at Uis lifted revenue 80% to £20.6 million. Tourism: Hotel room occupancy reached 66.5% in the third quarter, topping both 2025 and pre-pandemic levels. Regional Trade: President Netumbo Nandi-Ndaitwah urged stronger Namibia-Angola investment, joint ventures and follow-through on bilateral agreements. Energy: Offshore oil investment is advancing as green hydrogen projects face delays in securing finance and buyers.

Namibia–Angola Trade: The two countries signed eight cooperation agreements covering energy, water, transport and trade, including plans for a one-stop border post at Oshikango–Santa Clara. Both presidents urged swift implementation so the deals deliver tangible benefits. Uranium Investment: Deep Yellow has delayed a final investment decision on Namibia’s Tumas project, citing weak equity markets. Early works remain funded, but no new decision date has been set. Livestock Pressure: Foot-and-mouth restrictions are disrupting meat supplies, forcing some butcheries to close or operate with limited stock and adding pressure to a sector facing major revenue losses. Energy and Finance: Namibia met 65% of its electricity needs through imports in August, while the fiscal deficit is forecast to widen to 6.5% of GDP. Bank Windhoek is targeting N$300 million in sustainable funding. Logistics Investment: Scania opened its Walvis Bay dealership, expanding sales, workshop and after-sales support for operators on key regional transport corridors.

Namibia–Angola Trade: The two countries signed eight cooperation instruments, including plans for a one-stop border post, and pledged to turn longstanding agreements into practical gains for businesses and communities. Fiscal Outlook: Namibia’s deficit could widen to 6.5% of GDP in 2026/27 as revenue falls short and debt costs rise; growth is now forecast at 2%–2.3% this year. Logistics Investment: Scania opened its Walvis Bay dealership, expanding sales and aftersales support for operators on key regional corridors and introducing its SUPER trucks to Namibia. Livestock Pressure: Foot-and-mouth disease restrictions threaten N$1.6 billion in livestock revenue, while Zambezi farmers question the government’s response. Sustainable Finance: Bank Windhoek says it classified N$147 million in sustainable loans in 2026 and is working toward a N$300 million target. Power Supply: Namibia met only 35% of its electricity needs through domestic generation in August, relying on imports for the balance.

Business Services: BIPA has launched an online name-reservation platform, allowing entrepreneurs and investors to apply remotely and cutting the need for office visits. Agriculture: A national conference called for more investment, local production and agro-processing to reduce food imports. Drought, livestock disease and foot-and-mouth restrictions remain major risks to output and market access. Mining: The sector is now forecast to contract 6.2% in 2026, as falling diamond production and high fuel costs weigh on mines. Uranium exports offered a bright spot, with earnings rising sharply in August. Consumer Market: September vehicle sales were worth about N$1 billion, but volumes remain 25% below 2015 levels; higher fuel costs and possible interest-rate rises could curb demand. Regional Investment: Namibia and Angola are pressing to advance the 600MW Baynes hydropower project, alongside wider trade, energy and transport cooperation.

Namibia–Angola Links: President Netumbo Nandi-Ndaitwah is in Luanda for talks on trade, energy and transport. Minister Modestus Amutse says the two countries should move the 600MW Baynes hydropower project from decades of studies towards construction. Oil Exploration: ReconAfrica has begun horizontal drilling at its KW1X well after receiving permits; drilling is expected to take about a month, with flow-test results anticipated before year-end. Markets: The NSX local index hit a 2026 high, up 12% since December, while four Capricorn and Bank Windhoek insiders sold shares worth a combined N$6.4 million. Agriculture: Foot-and-mouth restrictions threaten N$1.6 billion in livestock revenue, as authorities consider easing controls amid meat shortages. Agra expects annual profit to rise by up to 27.5%. Public Finances: Namibia scored 53 out of 100 for budget transparency, below the 61-point benchmark, and just 17 for public participation.

Uranium: Paladin Energy’s Langer Heinrich mine in Namibia reported a sharp quarterly output drop and higher production costs. The company kept its annual outlook unchanged, but must lift output in coming quarters to meet it. Namibia–Angola Trade: The countries are advancing a one-stop border post at Oshikango-Santa Clara, alongside energy, rail and water projects, as they seek to turn political ties into stronger trade and investment. About 95 businesspeople have expressed interest in a business forum. Livestock: Foot-and-mouth restrictions could cost Namibia’s livestock sector N$1.6 billion in the final quarter of 2026, the NCCI warns. Prolonged export suspensions could put 15,000 to 20,000 agricultural jobs at risk. Oil and Gas Skills: Saudi-owned Eram Holdings has opened a Namibian office and plans to begin training local workers for offshore oil and gas roles in January 2027.

Trade Links: Namibia and Angola are expected to sign an agreement for a one-stop border post at Oshikango-Santa Clara, designed to cut delays and costs and support cross-border commerce. Their wider agenda includes energy and transport projects. Livestock: Agriculture officials may ease foot-and-mouth disease movement restrictions under new controls, offering relief to meat businesses and traders hit by shortages and lost sales. Business Outlook: Agra expects annual profit and earnings to rise 22.5%–27.5%, while the IMF forecasts Namibia’s growth improving to 2.7% in 2027, still below the regional average. Energy and Mining: Saudi-owned Eram Holdings has opened a Namibian office to train workers for oil and gas jobs, with its first programme planned for 2027. Deep Yellow, meanwhile, has delayed its Tumas uranium project investment decision, citing equity-market conditions. Workplace: Finestar workers in Windhoek are protesting over pay, allowances and conditions, including a workplace meat ban they say has not been matched by higher food allowances. Youth Funding: MPs say they cannot trace some projects backed by the National Youth Development Fund, raising concerns about loan recovery and oversight of public money.

Agriculture: Agra expects annual profit to rise 22.5%–27.5%, citing stronger non-agricultural businesses, good rainfall and a livestock-market recovery. The government may also ease foot-and-mouth restrictions, which have disrupted meat supplies and businesses across the value chain. Growth and Prices: The IMF sees Namibia’s growth improving from 2% this year to 2.7% in 2027, still below the regional average. Standard Bank warns inflation could reach 5.2% next year as oil and food-supply pressures build. Diamonds and Mining: Namibia’s rough diamonds fetched an average N$5,696 per carat in 2025, nearly four times the global average. Deep Yellow has deferred a final investment decision on its Tumas uranium project, citing equity-market conditions. Trade and Investment: Namibia and Angola are working to deepen trade, energy and transport links. Meanwhile, young innovators say funding gaps, intellectual-property hurdles and limited industry support are holding back commercialisation of their ideas.

Company Earnings: Agra expects profit to rise 22.5%–27.5% for the year to July, citing diversified revenue, stronger non-farming operations and improved livestock conditions. Economic Outlook: The IMF sees Namibia’s growth edging up to 2.7% in 2027, but still below the sub-Saharan African average. Standard Bank warns inflation could reach 5.2% that year as oil and food costs rise. Business Environment: The Tourism Board and Bipa have agreed to streamline registration and compliance for tourism businesses. Mining and Trade: Namibian diamonds averaged nearly four times the global price in 2025, underscoring their value even as the wider industry faces weak demand. Richemont and Signet are reportedly discussing joining a consortium bid for De Beers. Energy Investment: Deep Yellow has delayed a final investment decision on its Tumas uranium project, citing equity-market conditions. Banking: Lower bad-debt provisions helped lift FirstRand Namibia’s first-half profit, while SBN Holdings benefited from loan growth.

Banking: FirstRand Namibia’s half-year profit rose 9.3% to N$1.078 billion, largely because it set aside less for bad debts. SBN Holdings lifted customer lending 17.4%, while operating profit growth remained under pressure elsewhere. Food Security: Namibia is seeking Chinese farm technology and investment to expand irrigation, improve seed varieties and build local production capacity. Regional Trade: Namibia and Angola have launched a commission to advance trade, energy and transport links, including a planned power interconnector. Uranium: Deep Yellow has deferred a final investment decision on its Tumas project, citing weak equity markets, but says funded civil works will continue. Diamonds: Namibian diamonds are fetching premium prices despite a weak market, as Namdeb seeks government relief. Livestock: Foot-and-mouth restrictions are pushing up meat prices and disrupting producers, adding pressure to an important export sector.

Mining Investment: African Pioneer has begun a 7,000-metre drilling programme at its Ongombo and Ongeama copper projects, targeting extensions to known mineralisation. Deep Yellow, meanwhile, has pushed back its final investment decision on the Tumas uranium project, citing weak equity markets, while continuing funded site works. Vehicle Market: New vehicle sales rose 14.9% year on year to 1,498 in September, with Chinese brands taking 11.8% of light commercial vehicle sales; first-nine-month sales were up 12.4%. Diamonds: Namibia’s diamonds continued to command premium prices in 2025, averaging US$282.54 per carat. The Global Diamond Consortium, which includes Namibia and Angola, is also in talks with Richemont and Signet about joining its bid for De Beers. Regional Trade: Namibia and Angola are looking to strengthen trade, energy and transport links, potentially opening new avenues for cross-border business. Livestock Exports: Meatco’s UK subsidiary earned a “Strong” rating, a bright spot as foot-and-mouth disease disrupts Namibia’s access to key premium markets.

Uranium: Langer Heinrich produced about one million pounds in the September quarter, but output and sales fell as maintenance and ore conditions weighed on recovery. Costs rose to US$61.60 a pound; Paladin reaffirmed full-year guidance, banking on higher-grade ore later in the year. Tumas delay: Deep Yellow has withdrawn its year-end investment decision target for Namibia’s Tumas project, citing weak equity markets. Site works continue, funded from existing cash, while the company updates its project plan. Diamond pressure: Namdeb and Debmarine have asked the government for financial relief as weak prices squeeze revenues. Meanwhile, Richemont and Signet are discussing joining a consortium bid for De Beers that includes Namibia, potentially giving diamond-producing countries a bigger role in the company. Regional trade: Namibia and Angola are set to discuss investment, infrastructure and energy at a business forum, with 95 Namibian firms expressing interest. Finance: African banking leaders meeting in Windhoek are focusing on widening access to credit for small businesses and informal traders.

Mining: Paladin Energy reported lower September-quarter output and higher costs at Namibia’s Langer Heinrich mine, but kept full-year guidance unchanged, leaving a stronger second half to deliver. Namibia is also represented in the consortium bidding for De Beers, with Richemont and Signet in talks to join. Livestock: Foot-and-mouth disease restrictions are pushing up meat prices and disrupting trade, with the outbreak spreading to Zambezi. Infrastructure: Road Fund Administration revenue has topped N$4.7 billion, with N$3.5 billion invested in roads in 2025/26; TransNamib’s N$2.6 billion locomotive plan still awaits lender approval. Trade: Namibia recorded a N$1.2 billion trade deficit with Africa in August, as imports exceeded exports. Finance: Non-bank financial sector assets rose 16.6% to N$552.8 billion in 2025/26, despite NAMFISA posting a N$31.3 million deficit after a one-off legal charge.

Regional Trade: Namibia recorded a N$1.2 billion trade deficit with Africa in August, with imports of N$7.2 billion exceeding exports of N$6 billion. Rail Investment: TransNamib’s N$2.6 billion locomotive plan is awaiting lender approval before procurement can proceed. Financial Sector: Non-bank financial assets rose 16.6% to N$552.8 billion in 2025/26, although NAMFISA reported a N$31.3 million deficit after a one-off legal charge. FMD Pressure: Meatco has proposed paying staff two-thirds of their salaries for three months as the outbreak squeezes its finances; restrictions are also pushing up meat prices and disrupting livestock sales. Mining and Energy: Bannerman reports N$428 million in local spending as its Etango uranium project advances, while Deep Yellow’s Tumas project moves closer to a potential investment decision. Costs: Annual inflation reached 5.4% in September, driven largely by higher transport and fuel costs. Oil Services: Seadrill secured a contract worth about US$420 million for its drillship, currently stationed in Walvis Bay, for work in Indonesia.

Inflation: Annual inflation rose to 5.4% in September, with fuel and transport costs driving the increase and adding pressure on households and businesses. Uranium: Paladin’s Langer Heinrich output fell to one million pounds amid planned maintenance, while its average realised price rose to US$79.40 a pound. Bannerman reported N$428.2 million in local procurement as Etango construction advanced. Construction: A N$200 million Windhoek building approval lifted September’s total value, but plan numbers fell and approvals excluding that project were down year on year. Livestock: Foot-and-mouth restrictions are squeezing farmers’ incomes; the Namibia Agricultural Union plans to propose supervised livestock sales to keep trade moving while limiting disease spread. Finance: Namibia ranked third in the 2026 Africa Financial Markets Index, while Namfisa reported that the non-bank financial sector remained stable. Business growth: Omusati SMEs used a regional exhibition to showcase products and seek customers, partners and finance.