Namibia has been ranked 14th in the 2026/27 RMB Where to Invest in Africa report. The report assesses 31 African markets and identifies factors supporting Namibia's investment resilience, including stable democratic institutions, low perceived corruption, and strong personal freedom. These factors contribute to Namibia's relatively strong resilience profile. However, the country's dependence on imports remains a significant source of vulnerability.
According to Isaah Mhlanga, chief economist at RMB, Namibia's investment case rests on stable democracy, low perceived corruption, and strong personal freedom. The report compares 31 African markets across three reporting periods: 2024/25, 2025/26, and 2026/27. It highlights governance, market efficiency, and environmental management as factors distinguishing Namibia's investment profile. These factors support Namibia's resilience, but the country's reliance on diamond and uranium exports, combined with its dependence on imports, leaves it exposed to external shocks.
Namibia's production and export base remains concentrated in diamonds and uranium. However, offshore hydrocarbon discoveries in the Orange Basin present a potential source of new investment and economic activity. The report cautions that discoveries do not guarantee commercial production, revenue, or economic growth. Mhlanga notes that the offshore discoveries create potential for Namibia to broaden its economy, which is still anchored by diamonds and uranium.
The RMB report assesses the institutional and policy strengths that help economies absorb shocks, alongside structural weaknesses that expose them to economic disruptions. For Namibia, governance, market efficiency, and environmental management support resilience. However, reducing strategic import dependence is identified as Namibia's greatest potential area for lowering vulnerability. This is crucial, as the country's resource prospects need to be considered alongside the structural challenges facing its economy.
While strong institutions provide a foundation for investment, they do not eliminate the risks associated with a concentrated export base, import dependence, and inequality. Mhlanga emphasizes that a ranking is a snapshot, not a guarantee of investment performance. Namibia's resilience matters, but the country remains exposed through concentrated exports and reliance on imports. Therefore, the country's ability to turn its offshore resource potential into a broader economic opportunity will depend on various factors.
Successful commercialization of offshore hydrocarbon discoveries could diversify Namibia's revenue base and strengthen its economic capacity. However, the scale and reach of those benefits will depend on how the opportunity is developed and managed. The report concludes that Namibia's investment prospects will depend on its ability to commercialize offshore hydrocarbon discoveries and use any resulting economic benefits to diversify its production base, broaden government revenue, and support wider social development.
In summary, Namibia's ranking in the RMB report highlights both opportunities and challenges. The country's stable democracy, low perceived corruption, and strong personal freedom support its investment resilience. However, addressing its dependence on imports and concentrated export base will be crucial to lowering vulnerability and achieving sustainable economic growth. The country's future investment prospects will depend on its ability to capitalize on offshore hydrocarbon discoveries and diversify its economy.
Key points
- Namibia ranks 14th in the 2026/27 RMB Where to Invest in Africa report.
- The country's investment resilience is supported by stable democratic institutions, low perceived corruption, and strong personal freedom.
- Reducing strategic import dependence is identified as Namibia's greatest potential area for lowering vulnerability.
