The fishing industry, one of Namibia's top GDP contributers, is hard hit by the ever-rising oil prices, said Minister of Fisheries and Marine Resources Abraham Iyambo said in a statement. Iyambo said the price of fuel, which is a major expense, has resulted in fishing companies spending a lot of money to remain afloat.

The minister said the volatility of world oil prices have resulted in huge costs to the international fishing industry and Namibia is no exception. He said oil is a single world commodity that distresses more economies and causes misery across the globe.
Giving an overview on the performance of the industry last year, Iyambo said fish exports increased to about N$3.9 billion and added that it is predicted to increase to N$ 4.2 billion in 2008.
The major factor for the increase was good prices and the high demand for fish products on the international market.
Iyambo also said Namibia will soon host an International Fisheries Conference whose objective is to reflect on fisheries management since 1990.
“The conference will afford us a unique opportunity to review the fibre of the policy as well as the vitality and responsiveness of our legal framework,” he said.
He also said his ministry has embarked on activities to promote the consumption of fish locally as a direct response to public outcry.