As Namibia’s oil and gas sector gains momentum, First National Bank (FNB) stands ready to support industry players by providing tailored financial solutions through strategic partnerships.

 FNB Namibia has entered into a landmark Memorandum of Understanding (MoU) with international content financing groups Moneda Capital Management Limited and Ino Capital Investments Limited. The agreement aims to support and scale Small and Medium Enterprises (SMEs) in Namibia’s energy, oil, and gas sectors—an industry poised for transformative growth.

According to Connie-Marlene Theyse, Head of Enterprise Banking at FNB Namibia, “Namibia’s energy sector is on the verge of transformative growth. With accelerating exploration activity and heightened global interest, the future presents great opportunities for local participation in infrastructure development across the energy value chain” Theyse adds, “Our deep understanding of the evolving sector, combined with our customer-centric focus and commitment to financial inclusion, underpins our long-term strategy in enabling growth in this space.”

The MoU formalises a strategic partnership to foster SME participation by providing critical financial and operational support. FNB Namibia has committed funding  to bolster the local content ecosystem across oil and gas, energy, and extractive industries. This will be complemented by risk and operational capital from the Moneda–Ino platform, which is designed to build the capacity of qualifying SMEs.

“This MoU isn’t just paperwork,” said Chuka Okafor, FNB’s Specialised Finance and Strategic Advisor for Economic and Commercial Affairs. “It’s a historic moment that creates a bridge between untapped local capacity and billion-dollar industry demand.”

Okafor, underscored the broader opportunity for Namibia: “Few countries have truly managed to ensure that local businesses capture real value from oil and gas activity—not just the crumbs. Namibia has the chance to lead by example.”

With exploration advancing and financing structures being put in place, Namibia is positioning itself not only as a resource-rich nation, but as one capable of building inclusive, sustainable prosperity through its energy sector.

Fixing the Financing Gaps

Namibia’s financing environment, however, presents clear structural challenges.

“Access to long-term capital remains constrained, especially in emerging sectors like oil and gas,” said Theyse. “There are real barriers—currency volatility, project risk, and limited sector capacity. Our approach is to design financing that is risk-adjusted and sector-specific.”

By deepening its knowledge of the oil and gas value chain, FNB can tailor financing solutions to fit the diverse risk profiles of SMEs. This includes innovative mechanisms like ring-fencing funding to specific contracts—both long- and short-term—to ensure accountability, reduce lender exposure, and strengthen performance alignment for all parties.

Crucially, FNB’s partnership with MONEDA and Ino provides added contractual and equity support to mitigate delivery risks—especially for emerging local suppliers.

A Bold Bet on Namibia’s Future

For FNB, this is more than just prudent banking—it’s a forward-looking, strategic bet on Namibia’s future. “Traditionally, banks have to say ‘no’ to SMEs that don’t meet rigorous lending requirements,” said Chuka. “We’re here to change that—to make them bankable. We’re the bridge, the backing, and the confidence builder.”

Through the MoU, FNB is now able to fund SMEs that have been vetted, trained, and prepared by the MONEDA–Ino platform. This significantly shortens turnaround times for approvals and increases confidence in delivery.

Ejike Egbuagu, Chief Executive of MONEDA Capital, echoed this optimism.

“We’re honoured to sign this partnership with FNB. The opportunity here is enormous. But financial institutions must have an appetite for the unknown—and oil and gas is still the unknown in Namibia.

This partnership gives us the backbone to bring our experience from Nigeria, the DRC, and elsewhere into Namibia. We believe we can catalyse SME financing in this critical sector. We’re incredibly proud to be part of this moment and excited about the impact it will have on the broader local economy.”

What Happens Next?

Momentum is already building and a major aggregation drive is being prepared. MONEDA has conducted early-stage training sessions in key towns like Swakopmund, Lüderitz, and Windhoek, helping local SMEs understand the fundamentals of oil and gas readiness. The partnership’s near-term goal is ambitious: to place several vetted Namibian SMEs under contract with international oil companies (IOCs) by the end of 2025.

A Moment of Optimism—and Responsibility

For many in Namibia, this moment is the most promising since independence. But optimism without preparation is a missed opportunity.

“We’re still in the exploration phase,” said Kirsty Watermeyer, Group Communications Manager at FNB Namibia. “But the sentiment is overwhelmingly positive. There’s a genuine sense that we’re on the cusp of something transformational.”

Government is also stepping up. In collaboration with development partners such as Norway, Namibia is finalising a local content policy framework to ensure that once extraction begins, the resulting demand for reliable local suppliers can be met with qualified Namibian vendors.

The Call to SMEs: Be Ready. Be Ambitious.

The message from the FNB–MONEDA–Ino alliance is clear: the opportunity is real—but readiness and ambition are non-negotiable.

“We can’t want this more than the entrepreneurs themselves,” Chuka said in closing. “Ambition is the fuel. Show us you’re serious, and we’ll show up for you—with capital, contracts, and coaching.”

The oil is in the ground. The billions are being spent. Now, the real challenge is ensuring that Namibians are not spectators—but leaders—in the next chapter of their nation’s economic story.

A Turning Point Worth Seizing

Namibia stands at the threshold of a new economic era.  But as with all transformational moments, the outcome will be shaped by preparedness, collaboration, and vision. What comes next depends on how quickly and effectively local entrepreneurs rise to meet the challenge.

The oil and gas sector is not just about extraction—it’s about inclusion. It’s about ensuring that Namibians own, build, and benefit from the infrastructure, services, and supply chains that will define this new chapter. It’s about moving from the margins to the middle of the story.

If this momentum is sustained, Namibia could emerge not just as an oil-rich nation, but as a model for inclusive growth on the African continent—a country where local businesses don’t just survive the energy boom, but thrive because of it.

The path is open. The time is now. And the future is ours to build.