Prof. Augustus Nuwagaba: Redefining Growth, Trade & Sustainable Investment in Africa
Deputy Governor, Bank of Uganda
📍 15th UK–Africa Business, Trade & Investment Summit 2025
🏛️ The Royal Horseguards Hotel & One Whitehall Place, London
🎙️ Moderator: Ms Susan Nsibirwa, Managing Director, Nation Media Group
At the 15th UK–Africa Business Summit in London, Professor Augustus Nuwagaba, Deputy Governor of the Bank of Uganda, delivered a landmark address redefining Africa’s development narrative through macroeconomic stability, green finance, and transformative growth.
Recognised globally as one of Africa’s foremost economists, Prof. Nuwagaba positioned Uganda as a stable, disciplined, and forward-looking economy — ready to lead the continent in sustainability, inclusion, and innovation.
Uganda: Africa’s Next Investment Frontier
Prof. Nuwagaba reaffirmed that Uganda is no longer “emerging” — it is ready. With headline inflation at 3.9%, core inflation at 4.1%, and financial liberalisation at 150%, Uganda stands out as one of the most open economies in Africa.
“We have built predictability into our financial system. Investors can now operate in an environment where transparency — not bureaucracy — defines the rules of engagement.” — Prof. Augustus Nuwagaba
Real-time supervision under the Bank of Uganda’s SupTech platform has enhanced compliance, reduced delays, and strengthened investor trust — cementing Uganda’s position as a hub for green investment and financial transparency.
Transformative Economics: A New Growth Model
Prof. Nuwagaba unveiled his pioneering national framework, Transformative Economics — now officially gazetted in Uganda. The model redefines traditional GDP measurement to include environmental sustainability, ensuring growth aligns with ecological responsibility and long-term value creation.
GDP = C + I + (X – M) + G – EHere, E represents environmental costs such as pollution, deforestation, and land degradation — a key innovation that integrates green finance principles into national policy.
“You cannot claim true growth while ignoring the cost to the planet. Growth that destroys the environment is not progress.” — Prof. Augustus Nuwagaba
This reform anchors Uganda’s ESG frameworks and green bond strategies, aligning fiscal and monetary policy with sustainability and global investor expectations.
The ATMS of Transformation – Vision 2040 in Action
Under Vision 2040, Uganda’s economic strategy is built around four priority pillars — the A.T.M.S. model — which drive industrialisation, export diversification, and innovation:
- A – Agro-Industrialisation: $2.1 billion in coffee, cocoa, and spice exports
- T – Tourism: $1.7 billion in annual eco-tourism and cultural travel revenue
- M – Mineral Development: $3.8 billion in gold exports and 270,000 barrels/day of oil
- S – Science, Technology & Innovation: Rapid growth in fintech, AI, and climate-smart agritech
“You can have growth without transformation — that is not inclusive. Our challenge is to ensure development touches everyone.” — Prof. Augustus Nuwagaba
Sustainability, Peace, and Vision 2040
With 94% renewable energy, political stability, and one of the youngest workforces in the world, Uganda is uniquely positioned for inclusive, sustainable growth. Prof. Nuwagaba invited UK investors to partner with Uganda in building a resilient, green economy.
“Rome wasn’t built in a day — neither was the UK. We ask you to dream with us as we build the economy of tomorrow.” — Prof. Augustus Nuwagaba
Key Takeaway
Uganda is setting a new global benchmark for responsible, inclusive, and sustainable growth — anchored in macroeconomic stability, institutional transparency, and green finance. With the Transformative Economics model, Uganda signals that the future of growth is not just about numbers — it’s about purpose, people, and planet.
