Uganda's economy is expected to grow by an average 8% annually over the next five years, driven by investments in petroleum production and sectors such as transport, the finance ministry said on Thursday.
Crude oil production, expected to begin around mid-2026, will help push growth into double digits in the 2026/27 (July-June) fiscal year, the ministry said in a post on social media platform X, citing finance minister Matia Kasaija.
The International Monetary Fund last year projected that oil production would lift Ugandan economic growth to double digits. This is the first time the government has made a similar forecast.
Kasaija made the remarks while presenting a budget strategy for the financial year starting July next year, according to the post.
Economic growth in the year ending June 2026 is seen at 7%.
The following financial year, the government will prioritise investments in oil and gas, transport infrastructure, electricity and industrial parks, among other key sectors, the minister said.
The East African nation holds an estimated 6.5-billion barrels of crude reserves in fields located in the Albertine Rift Basin.
Developers China National Offshore Oil Corporation (CNOOC) and France’s TotalEnergies are currently drilling wells and constructing an export pipeline ahead of planned commencement of production.
Reuters
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