Uganda’s economy is forecast to expand by an average of 8% annually over the next five years, fuelled by anticipated oil production and heavy investments in infrastructure, the Finance ministry announced on Thursday, September 11.
Crude output, slated to begin in mid-2026, is expected to propel growth into double digits during the 2026/27 fiscal year, Finance Minister Matia Kasaija said while presenting the Government’s budget strategy. The projection aligns with earlier estimates by the International Monetary Fund, which predicted that oil revenues would transform Uganda’s economic trajectory.
For the fiscal year ending June 2026, growth is expected to reach 7%, before accelerating once oil flows commence. Kasaija highlighted that future government priorities will include investment in petroleum, transport networks, electricity, and industrial parks to underpin sustained expansion. Uganda, which sits on an estimated 6.5 billion barrels of crude reserves in the Albertine Rift Basin, is banking on its energy sector to catalyse industrialisation and position the country as one of East Africa’s fastest-growing economies.