Uganda is set to begin commercial oil production in its western fields, a development expected to accelerate the country’s economic growth to double digits by 2026/2027. President Yoweri Museveni highlighted oil as a key pillar of Uganda’s long-term strategy to grow the economy from $50 billion to $500 billion by 2040, alongside agro-industrialization, tourism, and innovation.
The Bank of Uganda and the World Bank emphasised that prudent management of oil revenues could finance infrastructure, human capital, and institutions, transforming finite resources into lasting assets.
Uganda’s economy grew 6.3% in 2024/2025, supported by strong domestic demand and exports, and the government forecasts 10.4% growth in 2026/2027, with rising oil revenues expected to boost productivity and reduce poverty. However, the World Bank cautioned about fiscal pressures, including widening deficits and rising debt costs.