Namibia MapNamibia, officially the Republic of Namibia, and formerly South West Africa, is a country in southern Africa whose western border is the Atlantic Ocean. It shares land borders with Zambia and Angola to the north, Botswana to the east and South Africa to the south.

Namibia gained independence on 21 March 1990. Its capital and largest city is Windhoek. Namibia is a member state of the United Nations (UN), the Southern African Development Community (SADC), and the African Union (AU).

 

Economy

The economy is heavily dependent upon mining exports. Mining accounts for 11.5% of GDP (the biggest contributor to GDP behind the government sector) (2013), and provides more than 50% of Exports. Namibia is the world’s fifth largest producer of U308, producing 8.5 Mlbs U3O8 in 2011 behind Kazakhstan (50.6 Mlbs), Canada (23.8 Mlbs), Australia (15.6Mlbs) and Niger (10.8 Mlbs), and also produces gem-quality diamonds, zinc and copper.

Namibia’s total population is 2.2 million (2013 est). Gross National Income (“GNI”) per person is relatively high for the region at US$5,500 (2013 est), although half of the population depends on subsistence agriculture for its livelihood. Namibia imports foodstuffs, construction material and manufactured goods.

A number of infrastructure projects are identified for development. The Kudu Power Project is high on the priority list and, if completed, will make the country self-sufficient in power production.

The Namibian Government has, in its Vision 2030 statement, articulated a plan for the country to become an industrial state. The Namibian economy is closely linked to South Africa with the Namibian Dollar pegged one-to-one to the South African Rand. Increased payments from the Southern African Customs Union (“SACU”) put Namibia’s budget into surplus in 2007 for the first time since independence. However, SACU payments have declined rapidly since 2008 and, whilst short term growth at 4.4% (2013) looks positive, the fiscal deficit is projected to widen.