Namibia is on the verge of a major economic transformation, as Nedbank Group CEO Jason Quinn predicts a boom driven by US$15–20 billion in oil and gas investments in the Orange Basin.
Following high-level discussions with TotalEnergies, Quinn highlighted the potential impact of a final investment decision (FID) that could reshape Namibia’s economy for generations. “Namibia has a very rough ocean, which makes engineering complex. But they are on the brink of an FID that could unlock up to US$20 billion. It will take about five years to build, and for 20 to 30 years after that, this economy will be transformed before our eyes,” he said.
Quinn added that Nedbank is ready to participate by leveraging its strong balance sheet and experience in financing large-scale infrastructure projects. “The scale of this for Namibia is immense. We will, of course, look to partner on financing, and I believe we can participate very well,” he noted.
The economic impact extends beyond direct oil investment. Quinn emphasized that downstream industries, infrastructure, supply chains, and small businesses could all benefit from the surge in activity. “The bigger opportunity is in the downstream effects,” he said. “Nedbank Namibia, under Martha Murorua, is deeply engaged in unlocking that potential.”
Earlier this year, TotalEnergies CEO Patrick Pouyanné reaffirmed his confidence in Namibia’s oil prospects, particularly the Venus project, following a meeting with President Netumbo Nandi-Ndaitwah. “I am comfortable with a final investment decision in Namibia. It will be in the US$18 billion range. We have strong projects that fit our criteria,” he said.
The Venus block is estimated to hold 1.5 to 2 billion barrels of oil, positioning Namibia as one of Africa’s most promising new energy frontiers.