Nida reports N$102-million loss

The Namibia Industrial Development Agency (Nida) says it remains hopeful of meeting its Vision 2030 goals, despite continually making losses.

The company, which is a commercial state-owned enterprise under the Ministry of Industrialisation and Trade, has released its first financial report in six years, covering the financial years 2018/2019 to 2023/2024, posting a loss of N$102 million.

The agency’s last profitable year was 2020, when it recorded a N$33 million profit.

Julius Nghikevali, Nida’s executive consultant, says the institution continued to make losses due to a lack of capacity.

“The entity remained in an operating loss position over the last six years; this is due to inefficient processes and lack of capacity [which] continued to negatively impact profitability,” says Nghikevali.

Total costs increased from N$181 million to N$231 million in 2024, while income also increased by 20% over the period to N$165 million. Nghikevali says the agency has diversified its income stream, which is an important aspect of long-term sustainability.

In the period reported on, the agency made N$31 million from agri-business sales, N$44 million from property portfolio rentals and N$44 million from dividends and interest income.

Speaking at the report launch, deputy minister of industrialisation and trade Verna Sinimbo says despite these financial hurdles, the entity’s commitment to Namibia’s long-term economic goals remains evident.

“Nida’s contributions directly align with Vision 2030, the National Development Plans, and the Harambee Prosperity Plan,” says Sinimbo.

According to Sinimbo, Nida has driven initiatives that reduce the country’s reliance on raw material exports by adding value to natural resources in agriculture, manufacturing and mining.

“Projects such as the Kavango Cattle Ranch and the Naute irrigation project have been instrumental in advancing agro-processing and food security,” says Sinimbo.

Additionally, she says the ministry is proud of Nida’s efforts and will continue to support the agency. “Through their efforts to create employment opportunities, Nida plays a key role in the fight against poverty in Namibia.”

The deputy minister also says Nida has attracted investment, including renewable energy initiatives such as solar power projects.

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