Namibia: Government Fishing Quota Auction Raises N$627 Million

Published Aug 28, 2020

Tridge summary

The government of Namibia has successfully auctioned 60% of its horse mackerel and hake output, generating nearly N$627 million. This amount is double the expected revenue if the quota was sold at reserved prices, proving the government's decision to auction Fisheries resources to establish their true market value. The revenue will be used to fund priority programs and expenses related to COVID-19.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The government has raised close to N$627 million from the auction of 60% of its horse mackerel and hake output, according to a statement released by the Finance Ministry this week. The Finance Minister Iipumbu Shiimi, in the statement said the amount is two times more than what the country would have received if the quota was sold at the reserved prices. "As a result, it has now been proven beyond doubt that the government was right to take a decision to test the market in order to establish the true value of its fisheries resources," Shiimi said. He added that the amount will go a long way in funding government priority programs such as improving sanitation, hostel facilities and other expenses exacerbated by COVID-19. "This exercise should serve as a reminder to us as a nation that ...

Source: All Africa