Community-based natural resource management and nature-based tourism often go hand in hand to drive conservation and economic development in sub-Saharan Africa. However, the complementarity of the two strategies is controversially discussed in the literature. Built on survey data from 200 households conducted in 2012 we analysed the trade-off between conservation and development objectives by means of a mathematical programming model representing the economy of a rural conservancy in Namibia. We found that in the scenario describing unrestricted resource extraction, local communities mainly benefit from fishing and utilising forest products. In comparison, the scenario representing the social optimum, implying sustainably managed fish stocks and appropriate diets for community inhabitants, shows that community households increase agricultural diversification and shift livelihoods towards tourism employment.