Namibia Moves to Join Nuclear Suppliers Group, Targeting Greater Role in Global Uranium Trade
Namibia has formally endorsed its bid to join the Nuclear Suppliers Group (NSG), the international body that regulates the export of nuclear materials and technology to prevent their use in weapons, Business Insider Africa reported on 9 August.
The Ministry of International Relations and Trade will lead the membership application, creating an inter-ministerial committee to ensure compliance with NSG guidelines, according to a cabinet statement cited by Business Insider Africa. As part of the campaign, a Namibian delegation will lobby both the International Atomic Energy Agency (IAEA) and the NSG chair on the sidelines of the IAEA General Conference in Vienna, Bloomberg reported.
Uranium — Namibia’s top mineral export — underpins the initiative. Production rose 59% year-on-year in April, according to the Chamber of Mines. The World Nuclear Association estimates the country’s uranium mines could supply up to 10% of global nuclear fuel demand, reinforcing Namibia’s position as the world’s third-largest producer.
President Netumbo Nandi-Ndaitwah announced in her first State of the Nation Address this year that the government will explore building Namibia’s first nuclear power plant, aiming to leverage uranium reserves and reduce reliance on electricity imports from South Africa.
The strategy has attracted foreign interest, particularly from Russia. In June, Business Insider Africa reported that state-owned energy giant Rosatom is seeking to play a key role in the development and operation of Namibia’s proposed nuclear facility.
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UAC’s share of profit from equity-accounted investees jumped to ₦2.13 billion, up from ₦475.37 million in the previous year.
However, the company faced significant pressure from finance-related expenses. Net finance income of ₦7.82 billion in H1 2024 swung to a net finance cost of ₦3.62 billion in H1 2025, following a 76% drop in finance income to ₦2.56 billion and a more than twofold increase in finance costs to ₦6.18 billion.
As a result, profit before tax fell by 25.7% to ₦11.10 billion from ₦14.95 billion, while income tax expenses declined to ₦3.74 billion from ₦5.41 billion.
Earnings attributable to shareholders slipped to ₦6.96 billion compared to ₦8.91 billion last year, with earnings per share dropping 21.7% from 304 kobo to 238 kobo (Aina, Punch, 2025).
On the balance sheet side, total assets inched up to ₦161.49 billion from ₦157.73 billion as of December 2024. Cash and cash equivalents improved to ₦46.81 billion, and trade and other receivables rose to ₦10.18 billion.
Shareholders’ equity increased to ₦69.52 billion from ₦62.74 billion, with retained earnings growing to ₦53.17 billion despite the year-on-year profit decline.
Image Credit: Punch Newspapers
