Uganda is setting the stage for an ambitious economic transformation, with a bold vision to grow its economy tenfold, from an estimated USD50 billion in 2025 to USD500 billion by 2040. This was the central message at today’s UK-Uganda Webinar on Investment Opportunities in Uganda’s Extractives Industry, a collaboration aimed at forging strategic partnerships to unlock the nation’s vast mineral wealth.
The event, co-hosted by Uganda’s State Minister of Energy and Mineral Development, Hon. Sidronius Okaasai and the British High Commissioner to Uganda, H.E. Lisa Chesney, underscored a new chapter defined by value addition and industrialisation.
Uganda’s Abundant Natural Wealth
During his address, Hon. Okaasai highlighted the country’s immense natural endowment as the foundation of its economic future.
“Uganda is richly endowed with oil, gas, gold, copper, lithium, cobalt, and rare earth elements,” he stated.
This mineral wealth, he noted, is complemented by other strategic advantages, including fertile soils, abundant water, affordable electricity, and a dynamic, youthful population.
The Minister highlighted that together, these strengths create a compelling case for investment and position the nation to achieve its visionary economic targets.
Value Addition is Mandatory for Prosperity
According to Min. Okasaai, the core of Uganda’s strategy, however, is not simply in the extraction of these resources. It is a deliberate and strategic choice to process them locally.
The Minister reiterated President Yoweri Museveni’s long-standing message, reminding delegates that “natural wealth alone is not enough. The future lies in value addition.”
He revealed that in line with this mandate, the government has since implemented a ban on the export of unprocessed minerals.
This policy, he noted, is designed to ensure that refining, processing, and manufacturing activities take place within Uganda’s borders.
This pivotal shift is aimed at achieving three critical goals: creating jobs, retaining national wealth, and driving sustainable industrialisation.
He revealed that the Ministry of Energy and Mineral Development is at the forefront of this transformation, spearheading progressive reforms and flagship programs to support sustainable energy and extractives.
A Clear Path for UK Partnership
Uganda is actively seeking partners who share its vision for sustainable development. The Ministry has made its priorities clear: sustainability, value chain investment opportunities, and infrastructure development.
The webinar, which also featured presentations on Uganda’s legal and regulatory frameworks, served as an official invitation to the global community.
Hon. Okaasai’s message was unequivocal: “Uganda is open for business. We welcome UK partners to collaborate, invest, and join us in building industries that uplift lives and contribute to shared prosperity.”
The partnership between Uganda and the UK represents more than just a commercial arrangement; it is a shared commitment to a future where natural resources are a catalyst for inclusive and long-term economic growth.