On Day Three of the 6th Uganda Economic Forum, a stark warning emerged from industry experts: Uganda’s vast mineral wealth, a cornerstone of its ambitious tenfold growth strategy, may remain locked underground without urgent access to long-term, “patient capital.”
The discussion, happening live on NBS TV as part of its week-long national dialogue, focused on Mineral Development, a key pillar of the government’s ATMS (Agro-industrialization, Tourism, Mineral Development, and Science, Technology & Innovation) strategy. As part of its mission to "inform to transform," Next Media is facilitating these critical conversations, using its platform to bridge the gap between policy and private sector reality.
Panelists from the extractives industry disclosed that while Uganda is richly endowed with oil reserves, gold, copper, and rare earths, significant financing bottlenecks are stifling investment. Even with the Final Investment Decision in the Oil and Gas sector poised to inject over US$15 billion, experts pointed to low funding as a persistent challenge undermining the sector's broader growth potential. They argued that long-term funding for exploration, infrastructure, and downstream industries remains scarce, leaving much of Uganda’s resource potential idle.
Derrick Rukare, from the Uganda Chamber of Energy and Minerals, was among the voices highlighting the need for a financial ecosystem that can support the sector's long and often risky development cycles.
This financing gap was a common thread throughout the day's deliberations. Br. Arthur Bainomugisha, Executive Director of ACODE, emphasized that without the right capital flows, regulatory clarity, and a firm commitment to local value addition, the country risks falling short of its vision to expand the economy.
In response, the government stressed that its strategy is focused on more than just extraction. The State Minister for Mineral Development, Hon. Phiona Nyamutoro, emphasized that the country’s real opportunity lies in value addition. She stated that to unlock the full potential of Uganda’s mineral sector, the nation must prioritize sustainable development, including the implementation of environmentally friendly mining practices.
The conversation on Day Three made it clear that while Uganda's mineral sector is positioned as a potential silver bullet for GDP growth, its success is not guaranteed. As the experts at the Uganda Economic Forum articulated, turning underground resources into tangible economic prosperity will require a concerted effort to attract the right kind of investment, foster local participation, and ensure development is both profitable and sustainable.
