Namibia struggles to turn foreign investment into local jobs

New research is raising questions about Namibia’s ability to turn foreign investment into local jobs. According to a report by Simonis Storm Research, the country attracted nearly N$115 billion in net foreign direct investment between 2021 and 2024, largely driven by oil and gas exploration in the Orange Basin. However, employment in foreign-owned businesses grew by fewer than 7 000 jobs between 2019 and 2023. Simonis Storm estimates that this equates to roughly N$17 million for every new job created in foreign-owned companies. The firm says the gap helps explain the government’s push for greater local ownership and economic participation. The report highlights that roughly 70% of foreign capital flows into capital-intensive sectors that naturally create fewer immediate jobs. 

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