London, September 15, 2024 — During the 14th UK-Africa Annual Trade Summit, Uganda’s Minister of Energy and Mineral Development, Hon. Ruth Nankabirwa, presented an ambitious vision for Uganda’s energy sector, emphasizing investment opportunities in oil, gas, and renewables. Speaking to a global audience of investors, she underscored Uganda’s commitment to balancing economic growth with sustainability and invited foreign investors, particularly from the UK, to explore new ventures in Uganda’s expanding energy infrastructure.

Balancing Growth and Sustainability in Uganda’s Energy Sector

Hon. Nankabirwa highlighted the potential of Uganda’s recent discoveries in the Moroto-Kadam and Kyoga Basins, marking a significant advancement in the country’s oil and gas exploration efforts. However, she stressed that critical infrastructure must be developed to fully harness these resources while maintaining Uganda’s focus on sustainable practices. "We are focused on sustainable development that benefits local communities and fosters long-term ecological stability," she said.

A central part of her address was the East African Crude Oil Pipeline (EACOP), a transformative project aimed at driving Uganda’s industrial growth. "EACOP is a landmark project designed to drive Uganda’s industrial development while aligning with international sustainability frameworks," Nankabirwa explained. The pipeline offers significant opportunities for foreign investors to contribute to Uganda’s energy infrastructure, while ensuring adherence to global environmental standards.

Opportunities for UK Investors in Uganda’s Energy and Mineral Development

The Minister extended a direct invitation to UK investors, highlighting Uganda’s energy sector as ripe for investment in both traditional and renewable energy sources. "Uganda is committed to creating a favorable investment climate for foreign businesses," Nankabirwa stated, encouraging British companies to explore opportunities in oil, gas, renewable energy, and Uganda’s growing minerals sector.

Nankabirwa laid out Uganda’s long-term energy strategy, which includes increasing power generation capacity to over 52,000 megawatts by 2040 through a diversified mix of hydro, geothermal, nuclear, solar, and wind power. She called for investments in public-private partnerships (PPPs) for infrastructure development, power generation, and regional power trading, presenting a lucrative opportunity for investors interested in tapping into Uganda’s energy expansion.

Addressing International Investment Concerns

In response to concerns from Western financial institutions regarding environmental and governance issues, Hon. Nankabirwa outlined Uganda’s proactive approach to sustainability. She assured investors that Uganda adheres to international best practices, including social and environmental impact assessments for all major projects. "We are committed to ensuring that all projects, including oil and gas, follow stringent environmental standards," she emphasized.

Nankabirwa also highlighted Uganda’s global partnerships, particularly with China, in accelerating critical energy and infrastructure development. "Global partnerships are key to unlocking the full potential of Uganda’s energy and mineral sectors," she said, emphasizing that these collaborations are designed to align with international sustainability goals while driving economic growth.

Unlocking Uganda’s Mineral Wealth

In addition to energy, Nankabirwa spotlighted Uganda’s mineral sector, drawing attention to its rich deposits of lithium, cobalt, and iron ore. Uganda’s new mineral law bans the export of raw minerals, encouraging value addition within the country. "We want investors who are ready to develop industries and add value to our mineral resources, ensuring that Uganda benefits from the full value chain," she stated.

The Minister also stressed the importance of including artisanal miners in Uganda’s broader mineral development strategy. She invited international partners to assist in modernizing tools and providing value-addition facilities for artisanal miners, particularly in gold, lithium, and other valuable minerals.

Conclusion: A Call for Global Partnerships

Hon. Nankabirwa concluded her address by inviting international investors to take advantage of Uganda’s vast opportunities in the energy and mineral sectors. She emphasized that Uganda’s future depends on sustainable development and strong global partnerships, particularly with countries like the UK. "Uganda is open for business, and we are ready to work with partners who share our vision for sustainable growth," she affirmed, offering to meet with investors personally to discuss potential projects.