Uganda's Economic Boom: Oil and Infrastructure Set the Pace

Uganda's economy is projected to grow by 8% annually, spurred by investments in oil production and transport sectors. By mid-2026, crude oil production will help achieve double-digit growth. The government, under Finance Minister Matia Kasaija, plans to prioritize infrastructure development and industrial investment.

Uganda's economic landscape is poised for significant transformation with an anticipated annual growth rate of 8%, according to the finance ministry's projections on Thursday. Central to this surge are pivotal investments in petroleum production and the transport sector.

Crude oil production, set to start around mid-2026, is expected to propel the nation into double-digit growth in the 2026/27 fiscal year. This optimistic outlook echoes earlier projections by the International Monetary Fund, marking the first occasion the Ugandan government has matched this forecast.

Finance Minister Matia Kasaija emphasized the government's commitment to prioritizing key sectors including oil and gas, transport infrastructure, and electricity in the upcoming financial year, an effort supported by the nation's vast crude reserves and ongoing developments by CNOOC and TotalEnergies in the Albertine Rift Basin.

(With inputs from agencies.)