Namibia’s blue economy has much potential

Given the potential of the blue economy to generate a significant number of direct and indirect jobs, Namibia has a great chance at long-term economic growth and development.

The National Development Plan 5 (NDP5) interventions can also be used to realise Namibia’s Vision 2030 aspiration of eradicating poverty, decreasing inequality and fostering an inclusive economy.

Namibia must implement robust climate change mitigation strategies and maintain an eco-friendly economy that generates employment to preserve ecosystems.

The country would then be able to effectively combat climate change.

GREEN ECONOMY

The green economy is defined by the United Nations Environment Programme (Unep) as a low-carbon, resource-efficient and socially inclusive economy.

Given the significance of the global climate crisis, the green economy seems to be the most viable solution for the prevailing economic model and is essential to attaining sustainable development.

Furthermore, in terms of the NDP5, the green economy seeks to develop and broaden the blue economy in order to foster social inclusion, sustainable production and equitable wealth distribution while maintaining environmental health.

With an emphasis on investments, jobs and skills, the green economy offers a macro-economic strategy for long-term, sustainable economic growth.

Therefore, the steps that need to be taken by governments and other stakeholders to address these barriers are those the blue economy strategy should identify.

Government measures should encourage domestic aquaculture production, such as the use of earth dams and strict regulations, as this could help reduce unemployment.

The Epalela fish farm has to be revitalised and upgraded by the government to raise food security, provide jobs and raise the level of living in the surrounding communities.

Namibia has a lot of earth dams that the government could help improve and make available to locals as a cooperative to catch fish for local hospitals, schools and retail stores.

In Namibia, floodwater from the Cuvelai could be collected.

In addition, aquaculture would be critical to rural communities’ ability to produce revenue, jobs and food security once it is founded.

It’s estimated that the Ministry of Fisheries and Marine Resources has issued more than 148 aquaculture licences to date to spur the industry’s growth.

Governments need to understand that community-based aquaculture projects will not succeed without technical know-how, managerial skills and enthusiasm.

Thus, there is potential for growth in Namibian aquaculture.

Namibia has a mixed economy, with the mining sector playing a significant role.

ADVANTAGES

The country’s blue economy would have a major impact when effectively harnessed through appropriate policy frameworks.

This could result in increased food security, employment creation, tourism, infrastructure development, green energy and a technologically advanced country, among other benefits.

Namibians have the potential to build a multibillion-dollar blue economy that could potentially contribute to the eradication of poverty if they are provided with access to cutting-edge technology, reasonably priced capital, and market access.

The implementation of environmentally friendly fishing techniques could have a big impact on achieving this goal.

It would take significant investment in infrastructure and job creation to keep up with blue economy growth.

By applying knowledge of renewable energy sources and sustainable resource extraction, the blue economy is being used to meet the need for mineral resources and to supply energy that is dependable, reliable and affordable.

It would be necessary to diversify the economy to stop relying solely on one or two major drivers of development.

To do this, more funding for the green economy would be required, with a focus on exporting as opposed to consumption.

Luring foreign direct investment with the right policy framework is crucial to the goal of creating a diversified economy.

Aquaculture’s diversification would help us acquire skills that would help us deal with the sector’s challenges and changes in the future.
Global factors are major forces behind aquaculture’s diversification.

However, the blue economy differs from the normal business model in that it prioritises environmental justice and social equity.

Achieving blue economies would require significant changes in sectors like tourism, aquaculture and fisheries to address unsustainable practices like pollution and overfishing.

*Josef Sheehama is an independent researcher specialising in economics and business.