Question: Based on the article, what potential is there for Namibia's economy to improve by engaging in oil exports? Economic Potential and Development Outlook 5. Namibia's

Based on the article, what potential is there for Namibia's economy to improve by engaging in oil exports?

Economic Potential and Development Outlook 5. Namibia's economy is historically reliant on mining and agriculture. With a population of under 3 million and a GDP of approximately USD 15 billion, the prospect of large-scale oil exports introduces a new revenue stream. The International Monetary Fund (IMF, 2025) projects that, under favourable development scenarios, petroleum exports could increase GDP growth rates by up to 8% annually and contribute 30%-40% of government revenue by 2035. 6. The government, through NAMCOR, has taken steps to ensure national participation in upstream activities and to update fiscal regimes to attract investment while maximizing public benefit (Extractive Industries Transparency Initiative [EITH], 2024). However, as seen in other oil-producing African nations, the potential for the resource curse"-where natural resource wealth leads to governance failure or ous remains a significant risk (IEA, 2025)

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