Dr Musokotwane explained that the loss stems from government’s decision to suspend excise duty and zero-rate Value Added Tax (VAT) on fuel, a move aimed at cushioning citizens and businesses from rising costs.

The minister made the remarks during the IMF and World Bank Spring Meetings held in Washington, D.C., where he shared Zambia’s experience in managing the economic impact of global shocks.

Speaking at the IMF Africa Fiscal Forum, Dr Musokotwane called for African countries to adopt more strategic fiscal policies that go beyond responding to crises and instead focus on long-term economic transformation.

He warned that a potential energy crisis linked to tensions in the Gulf region poses an immediate threat to African economies over the next 12 months.

According to the minister, such a crisis could drive inflation higher, increase production costs, and put additional pressure on already strained national budgets.

As the Namibia Country Manager Beatrice Bienvenu said, at the Namibia International Energy Conference in Windhoek on April 15 “I am excited to share that Chevron is moving into the next phase of our exploration program.  Building on those insights, we expect to drill the Nabba-1X well in PEL 90 in late 2026.  This next step is a testament to our confidence in Namibia’s offshore potential and our commitment to thoroughly testing our portfolio.  We are here for the long term, and every well we drill strengthens our partnership with this country.”  

 Modestus Amutse, Minister of Industries, Mines and Energy added,“Chevron’s decision to proceed with a second well in Namibia signals strong confidence in our resource base. The ongoing exploration activities reflect Namibia’s growing standing as a credible and competitive destination for responsible investment. The Namibian Government remains committed to constructive engagement with investors to ensure developments align with national interests and deliver meaningful benefits to our economy and our people,” Modestus Amutse, Minister of Industries, Mines and Energy for Namibia said.

The agreement formalised at a signing ceremony held at Hyphen’s offices in Windhoek on Monday, 13 April 2026. The event brought together representatives from the Government of the Republic of Namibia (GRN), German cooperation partners, industry stakeholders, and development institutions.

Hyphen has secured grant funding of up to EUR 300,000 from the H2UPPP programme, which will be matched by an additional EUR 300,000 from Hyphen. This co-funded Public-Private Partnership (PPP) will support the implementation of a targeted Enterprise and Supplier Development (ESD) Programme designed to build the capability, competitiveness, and readiness of Namibian enterprises to participate in the green hydrogen value chain.

In line with PETROFUND’s mandate to build national capacity within the upstream oil and gas sector, and guided by the National Upstream Petroleum Local Content Policy, which seeks to maximise the participation, development and competitiveness of local suppliers along the upstream oil and gas value chain, the Upstream Oil and Gas Suppliers’ Workshop forms part of the Government of the Republic of Namibia’s broader efforts to promote local content development and deepen Namibian participation in the rapidly growing upstream oil and gas sector.

The primary objective of the workshop is to strengthen the technical, operational and compliance capabilities of Namibian small and medium enterprises (SMEs), while enhancing their understanding of upstream oil and gas procurement processes, technical requirements and industry practices. This is in an effort to enable them to compete effectively within the upstream oil and gas value chain as Namibia advances towards its first Final Investment Decision (FID) and ultimately, first oil.