Nigerian Firms Eye $3.8 Billion in Ugandan Investments

A substantial influx of investment is on the horizon for Uganda, as Nigerian companies have indicated plans to invest an estimated $3.8 billion (approximately UGX 14.6 trillion).

These investment interests were unveiled during the recent Uganda-Nigeria Business Forum and Exhibition held in Kampala. The proposed ventures span several vital economic areas, including cement manufacturing, general manufacturing, fertilizer production, and the livestock sector.

Notably, a company focused on cement production has already taken proactive steps. Engineers have been dispatched to Uganda to scout for suitable locations for a clinker plant and to assess the availability of commercially viable limestone deposits. This indicates a serious commitment to establishing a significant presence in Uganda’s construction materials industry.

Further bolstering the agricultural sector, one Nigerian firm is planning to establish a fertilizer plant with an investment of $800 million. Additionally, another company has expressed interest in acquiring one-year-old female Ankole cows. These cows are particularly sought after for their low-cholesterol veal, highlighting a unique opportunity within Uganda’s livestock market.

Chief Michael Awunor, representing the Nigerian investors, emphasized the potential for bilateral trade, noting that numerous Ugandan products could find markets in Nigeria, and vice versa. He advocated for the establishment of a Joint Permanent Commission framework between Uganda and Nigeria to streamline trade and investment processes, fostering stronger economic ties between the two nations.

Source: Uganda Investment Authority