economy 12 June 2026 Uganda Investment Authority
Uganda Poised for Double-Digit Growth Fueled by Oil and Strategic Investments, Says Museveni
President Yoweri Museveni has declared Uganda a land of opportunity as its economy accelerates, projecting a 10.2% growth next year driven by the commencement of oil production and strategic sector investments. The government is prioritizing key areas to boost production, exports, and job creation, aiming for a significant economic transformation. Source: https://ugandainvest.go.ug/uganda-has-become-a-land-of-opportunity-and-promise-president-museveni
President Yoweri Museveni has heralded Uganda as a nation brimming with opportunity and promise, citing robust economic growth projected to reach 10.2% in the upcoming fiscal year. This anticipated expansion, detailed during the reading of the 2026/27 National Budget, is significantly bolstered by the imminent launch of commercial oil production.
The nation’s economy has already expanded to an estimated USD 69 billion, with further growth anticipated due to strong export performance and ongoing wealth creation initiatives. Minister of Finance, Planning and Economic Development, Henry Musasizi, emphasized that this economic expansion is directly contributing to increased job opportunities, higher incomes, and improved livelihoods for Ugandans.
With commercial oil production set to begin later this year, Uganda is on track for its first return to double-digit growth since the reforms of the 1990s. This burgeoning economy is expected to generate more employment, elevate household incomes, foster business expansion, and provide the necessary resources for critical investments in education, healthcare, infrastructure, and security.
Investor confidence is reportedly on the rise, with the Ugandan diaspora increasingly participating through remittances and direct investment. The 2026/27 budget heavily emphasizes Uganda’s Tenfold Growth Strategy, allocating 95.6% of discretionary resources to agro-industrialization, tourism, mineral-based industrialization, and science, technology, and innovation. The focus is firmly on increasing production, productivity, value addition, exports, and job creation, with a strong call for private sector engagement.
Minister Musasizi declared the era of planning over, ushering in a period of implementation and tangible results. The national mission is to boost production, earnings, and exports, aiming to eradicate subsistence living and transform Uganda into a $500 billion economy, with a particular emphasis on empowering the youth as key drivers of this transformation.
Source: Uganda Investment Authority