President Mbumba Reports Growth of Welwitschia Sovereign Wealth Fund Investments

President Nangolo Mbumba announced during his inaugural State of the Nation Address in the National Assembly that the Welwitschia Sovereign Wealth Fund has seen a significant increase in investment returns. Established in 2022, the fund’s initial seed capital of N$262 million has grown to N$ 425 million under Mbumba’s leadership. Highlighting Namibia’s progress in various areas, Mbumba noted significant advancements in fiscal discipline, the exploration of new economic opportunities, and the development of progressive policies to enhance the country’s regional and international competitiveness. Specifically, he mentioned a surge in oil exploration activities by international companies in oil-rich basins such as the Walvis Basin and the Orange Basin during 2023.