NIPDB transitions to new governance structure
The Namibia Investment Promotion and Development Board (NIPDB) is set to undergo a significant governance transition following a proclamation made by the late President Dr. Hage G. Geingob during the announcement of his second-term government on 16 March 2020. Established in response to Namibia’s economic challenges, the NIPDB was designed to drive investment and promote growth, assuming functions from the former Ministry of Industrialisation, Trade, and SME Development.
Faced with a stagnant economy, high unemployment, and growing income inequality, the NIPDB was tasked with spearheading Namibia’s investment drive. To ensure agility and proximity to policymakers, the NIPDB was structured as a Section 21 Company under the Companies Act of 2004, operating as a public entity within the Office of the President. With a direct reporting line to the President, the NIPDB’s leadership, overseen by an Advisory Board of eight independent members, has been focused on institutional resilience and compliance with Namibian regulations.
However, after successfully completing its initial 24-month operationalisation phase, the NIPDB has reached a new juncture. At the 2023/2024 Annual General Meeting, held on 18 September 2024, it was agreed that the institution will transition to a governance model in line with the Public Enterprises Governance Act (PEGA) of 2016. This marks the beginning of a new era for the NIPDB, signaling its maturation beyond the infancy stage.
Under the revised governance structure, the Board of Directors will consist of at least seven independent non-executive members. A Chairperson, appointed by the President, will lead the Board, while the NIPDB CEO will serve in an ex-officio capacity. The CEO will now report to the Board and to the President, who will also chair a newly established Technical Investment Committee. This committee will drive government service delivery with a focus on improving Namibia’s Ease of Doing Business and Competitiveness.
The amended Articles of Association to formalize this transition will be registered immediately, and the process to appoint the new Board will commence. Additionally, the NIPDB’s mandate will be further strengthened through the forthcoming Namibia Investment Promotion and Facilitation Bill, currently in draft stages. This legislative development will solidify the NIPDB’s role in fostering investment and facilitating economic growth.
The Advisory Board’s term ends on 31 October 2024, after which the new governance structure will take full effect.