Namibia's foreign direct investment on the rise

WINDHOEK, March 16 (Xinhua) -- Namibia's economy received a significant boost from foreign direct investment (FDI) inflows worth 13.2 billion Namibian dollars (about 717 million U.S. dollars), equivalent to 7.2 percent of the country's GDP, during the first nine months of 2022, President Hage Geingob said Thursday during the State of the Nation Address (SONA).

The majority of these financial inflows were driven by equity injections for exploration activities following offshore oil discoveries, Geingob said, adding that the oil discoveries have increased the prospects for Namibia's energy sector, creating opportunities for further growth in the coming years.