Overview:
Prof. Nuwagaba outlined how the central bank is steering reforms to attract private investment into key sectors such as oil and gas, agro-industry, infrastructure, and climate-aligned ventures. He underscored that Uganda’s long-term growth strategy rests on both policy predictability and institutional reform.
Uganda is positioning itself as a competitive destination for global capital, backed by financial modernization, macroeconomic stability, and policy reforms, Bank of Uganda Deputy Governor Prof. Michael Nuwagaba told delegates at the UK–Africa Summit.
Speaking at a high-level investment panel, Prof. Nuwagaba outlined how the central bank is steering reforms to attract private investment into key sectors such as oil and gas, agro-industry, infrastructure, and climate-aligned ventures. He underscored that Uganda’s long-term growth strategy rests on both policy predictability and institutional reform.
“We are committed to reducing harmful taxes and uncertainties, simplifying tax compliance, and offering targeted incentives for investors in priority sectors,” he said. “Reliable infrastructure and modernized regulation will lower operational costs and create confidence for global capital.”
Push for Green and Responsible Investment
The Deputy Governor urged investors to take advantage of emerging opportunities in renewable energy, manufacturing, and sustainable agriculture. He emphasized the integration of ESG standards into Uganda’s investment framework and pledged green incentives to attract responsible capital aligned with sustainability norms.
Cutting Red Tape, Opening Markets
On regulatory reform, Prof. Nuwagaba called for streamlined procedures to ease the cost of doing business. He cited the role of the Uganda Investment Authority’s planned one-stop investment center in fast-tracking licensing and permits.
He also advocated for liberalizing capital and financial accounts to allow freer movement of private capital, permitting foreign ownership in strategic sectors, and reinforcing transparency to combat monopolistic and unethical practices.
“Our goal is to build an investment climate where efficiency, fairness, and openness drive economic transformation,” he told the summit.
Strategic Sectors in Focus
Uganda is prioritizing investment partnerships in:
- Oil and gas: exploiting production and refining opportunities.
- Agro-industry: scaling value addition and exports.
- Infrastructure: transport and logistics to unlock trade.
- Climate-aligned projects: renewable energy, carbon markets, and green technology.
With reforms underway, Prof. Nuwagaba insisted that Uganda is ready to engage with global investors seeking both returns and resilience.
“Uganda is a stable economy in a growing region,” he concluded. “We are opening new avenues for capital and ensuring investors find a transparent, predictable, and sustainable environment.”