Seeking to diversify its revenue streams, Botswana has engaged in agreements with Oman to collaborate on mineral exploration, oil storage infrastructure, and renewable energy initiatives.

These deals were secured by President Duma Boko during his three-day official visit to Oman.

Botswana's presidency, as seen on Reuters, noted that the visit was intended to open dialogue on strengthening bilateral ties between both nations.

The agreements included a cooperative mineral exploration deal whereby Botswana aims to expand mining exploration, focusing on an uncharted region that accounts for over 70% of its land.

Additionally, Botswana secured a deal with Oman for the establishment of a 500-megawatt solar power facility. This development follows an announcement made on March 20 that NAQAA Sustainable Energy LLC, a subsidiary of Oman's state-owned O-Green, had been appointed to oversee the design, financing, construction, and operation of the plant situated in northwestern Botswana.

In January, reports showed that Africa's leading diamond producer, Botswana, began facing a major oversupply crisis that immediately affected government revenues.

According to the 2026/27 Budget Strategy Paper, the country's diamond stockpile reached 12 million carats at the end of December 2025, which is over 85% higher than the government's authorized threshold of 6.5 million carats. The excess came amid persistently low global demand and falling prices.

Diamonds account for almost one-third of Botswana's national revenue and three-quarters of its foreign exchange receipts.

Shortly after, the diamond-producing nation began intensifying plans to diversify its mining pipeline with the exploration of critical minerals. While the country is not completely moving its economic focus away from diamond mining, it recognizes the impact market vulnerabilities may have on an economy dependent on one commodity.

Botswana is also aware of the increasing demand for vital minerals such as copper, cobalt, and lithium, and is eager to enter the market. In February, Canadian mineral exploration company Tsodilo Resources Limited confirmed a significant rare earth and critical minerals discovery in Botswana at its Gchwihaba Metals project near Shakawe in north-west Botswana.