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Namib Mills Faces Loss Following Instant Porridge Recall
By: Hertha Ekandjo and Loise Shiimi Namib Mills says it expects to suffer substantial financial losses following the recall of its Top Score instant porridge, after an incident in South Africa where two minors tragically died. While it is still too early to provide exact figures, the company’s Senior Brand Manager, Marné Bouwer, said […]
Namcor Repays Half of N$1,1 Billion Debt
By: Staff writer Namcor says it has spent N$550 million to settle some of its N$1,1 billion debt to international oil seller Gunvor. This comes after the company received a N$1.2 billion lifeline from state coffers. Namcor said the bailout helped it restore its financial credibility and strengthen relationships with trading partners. In […]
More Than 600,000 Micro Lending Loans Issued in 2023
By: Nghiinomenwa-vali Erastus Registered microlending entities in Namibia issued a total of 665,290 new loans with a combined value of N$3.6 billion in 2023. This represents a slight increase of 0.8% compared to the previous year, according to the Namibia Financial Institutions Supervisory Authority (Namfisa) 2023 annual report, released last week. There are […]
Namib Mills Probes Recalled Instant Porridge
By: Hertha Ekandjo Namib Mills is investigating the recall of its Top Score vanilla-flavoured instant maize porridge in South Africa following the tragic deaths of three children who consumed the product. The recall was reported in South Africa on Friday. Namib Mills’ Senior Brand Manager, Marné Bouwer, confirmed the company is aware of […]
Southern African Bank to Fund Lobito Railway Corridor…initiative to challenge Namibia’s ambition to become Africa’s gateway
By: Nghiinomenwa-vali Erastus The Lobito Corridor Railway Project, which will connect the town of Lobito in Angola and its under-construction oil refinery to DRC, has secured US$200 million (N$3,5 billion) in funding. The funding will come from the Development Bank of Southern Africa (DBSA) and the U.S. International Development Finance Corporation (DFC). According […]
Otavi Residents and Businesses Owe N$75 Million in Unpaid Fees
By: Uakutura Kambaekua The municipality of Otavi is grappling with a severe financial crisis due to widespread non-payment of taxes and service rates. In response, the council has urged consumers to settle their outstanding debts or arrange payment plans to avoid service disconnections. Otavi Chief Executive Officer (CEO) Sakaria Haulofu told The Villager […]
NIPDB Claims Billions in FDI Would Be Zero Without Its Role
By: Justicia Shipena The Namibia Investment Promotion and Development Board (NIPDB) claims that Foreign Direct Investment (FDI) over the last three years would have been nonexistent without its intervention. “For the past three years, FDI has reached billions, higher than any year since 2009,” said NIPDB CEO, Nangula Uaandja. She revealed that in […]
World Bank Appoints First-Ever Joint Resident Representative in Namibia
By: Dolly Menas The World Bank Group has appointed Mariama Cire Sylla as its first-ever joint Resident Representative for Namibia, effective October 1, 2024. This newly created position aims to consolidate the World Bank Group’s services, offering a unified approach to addressing the country’s development needs. A Guinean national, Sylla brings over […]
Govt Could Slash N$6.77 Billion in Bonds by 2025
By: Justicia Shipena The government is set to reduce its outstanding bonds by 2025, with N$6.77 billion currently owed on GC24, GC25, and GI25 bonds, according to a report from Simonis Storm Securities. This figure is expected to shrink further as upcoming GC25 switch auctions are held. In their report on fixed income […]
Global Food Prices Drop in August – FAO … sugar and meat costs fall
By: Justicia Shipena Global food prices saw a slight decrease in August, driven by significant drops in sugar, meat, and cereal costs, according to a recent report from the United Nations Food and Agriculture Organisation (FAO). The FAO Food Price Index, which monitors the monthly price changes of globally traded food commodities, averaged […]