Nida fears collapse over N$3 billion asset transfer order
via The Namibian7 min read
The Namibia Industrial Development Agency Nida is concerned about its future after a government directive to transfer 154 of its assets, including farms and complexes, valued at approximately N$3 billion. This portfolio, spanning 14 regions, includes commercial, industrial, and developmental properties. The directive, reportedly from the Cabinet, is part of a state asset restructuring and has raised fears of job losses and the agency's potential collapse. Nida's acting chief executive Phillip Namundjebo stated that these properties are crucial for funding daily operations, including salaries and project investments. While Nida initially identified 97 properties to surrender and 57 to retain, the Ministry of Industries, Mines and Energy later instructed that all 154 properties would be transferred to the Public Asset Management Agency, currently being established under the Ministry of Works and Transport. Nida was created in 2018 to advance Namibia's industrialisation agenda, merging the Namibia Development Corporation and Offshore Development Company. The transfer of all assets, rights, liabilities, and obligations from the merger has not yet been completed. Nida's properties also include significant agricultural assets like Kavango Cattle Ranch and Naute Irrigation Farm, and joint ventures such as Coca Cola Namibia Bottling Company, which has provided substantial annual dividends. However, some investments are under pressure, with several joint ventures reporting losses. Nam
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This summary was AI-generated from a story originally published by The Namibian.
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