Namibia has been advised to use oil revenue to invest in other sectors of the economy to diversify income streams.
Ghanaian economic development and governance expert Ibrahima Aminu says oil revenue should not be viewed as a quick fix.
"Oil revenue alone is not a silver bullet. It requires patience and strategic investment. Focus on diversifying the economy by boosting sectors like agriculture, tourism and light manufacturing. These areas will support and enhance the oil and gas sector," he said during the oil and gas conference in Windhoek last week.
His comments come as the country anticipates initial oil production in 2029.
According to Aminu, Namibia has the advantage of time and therefore, should employ a proactive approach.
"Namibia has the advantage of time, with oil production set for 2029. It's imperative to start developing local capacities now. Equip your workforce with the necessary skills, certifications and knowledge well in advance."
He further warned of rising public expectations when it comes to wealth creation by the oil and gas industry.
"The anticipation of oil wealth can create unrealistic expectations. The oil and gas sector alone will not generate enough jobs to meet the needs of the entire population. Investment in other job-creating sectors is essential."
He said Namibia should collaborate with countries involved in oil production, as well as industry experts.
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"Engage with experts from countries that have navigated similar paths - Angola, Nigeria, Algeria and others. Build partnerships and bring in knowledgeable professionals to assist in capacity building."
He highlighted that the notion of an 'oil curse' does not derive from the oil itself, but rather the way the resource is managed.
"It's not the oil that is cursed, but the way we manage and perceive its potential."
Aminu said the country should learn from the experiences of other African nations.
"Conferences like these are vital. They allow us to share challenges and successes so that Namibia can avoid repeating the mistakes of others."
Transparency in managing oil revenues is another critical aspect, he highlighted.
"Ensure that there are transparent systems in place to monitor and manage oil revenues. Create platforms where investments and expenditures are openly reported."
Additionally, he said the country's oil industry can contribute to local development.
"In 20 to 30 years, we hope to see Namibian companies leading in the oil sector, and a skilled local workforce driving the industry. This can be achieved through training, internships and apprenticeships."
