NGC 1068 is a nearby widely studied Seyfert II galaxy presenting radio, infrared, X- and $\gamma$-ray emission as well as strong evidence for high-energy neutrino emission. Recently, the evidence for neutrino emission could be explained in a multimessenger model in which the neutrinos originate from the corona of the active galactic nucleus (AGN). In this environment $\gamma$-rays are strongly absorbed, so that an additional contribution from e.g. the circumnuclear starburst ring is necessary. In this work, we discuss whether the radio jet can be an alternative source of the $\gamma$-rays between about $0.1$ and $100$ GeV as observed by Fermi-LAT. In particular, we include both leptonic and hadronic processes, i.e. accounting for inverse Compton emission and signatures from $pp$ as well as $p\gamma$ interactions. In order to constrain our calculations, we use VLBA and ALMA observations of the radio knot structures, which are spatially resolved at different distances from the supermassive black hole. Our results show that the best leptonic scenario for the prediction of the Fermi-LAT data is provided by the radio knot closest to the central engine. For that a magnetic field strength $\sim 1\,\text{mG}$ is needed as well as a strong spectral softening of the relativistic electron distribution at $(1-10)\,\text{GeV}$. However, we show that neither such a weak magnetic field strength nor such a strong softening is expected for that knot. A possible explanation for the $\sim$ 10 GeV $\gamma$-rays can be provided by hadronic pion production in case of a gas density $\gtrsim 10^4\,\text{cm}^{-3}$. Nonetheless, this process cannot contribute significantly to the low energy end of the Fermi-LAT range. We conclude that the emission sites in the jet are not able to explain the $\gamma$-rays in the whole Fermi-LAT energy band.