FIRST OIL AND BEYOND: The road to a US$500 Billion Economy

Kampala, August 5, 2026 - When President Yoweri Museveni met the Uganda Cranes team following their exit from the AFCON 2025 campaign, he drew on his military experience to deliver a lesson that transcended football. He reminded the players that every force has an Area of Responsibility (AOR) and that success depends on each person effectively executing their assigned role.

If all players rush forward in attack and neglect their defensive duties, gaps emerge that opponents can easily exploit. That simple lesson carries profound significance for Uganda’s development journey, particularly at a time when the country is preparing for first oil production and pursuing an ambitious economic transformation agenda.

In his inaugural address as Minister of Finance, Planning and Economic Development, Henry Musasizi outlined a structured five-pillar programme aimed at accelerating Uganda’s economic growth. At the centre of this vision the country’s bold target; expanding the economy tenfold, from approximately US$50 billion today to US$500 billion within the next decade.

The Minister emphasised that this aspiration would be driven by aggressive fiscal discipline, strategic investments, and prudent management of the country’s anticipated oil revenues. This places Uganda’s petroleum sector at the heart of one of the most consequential chapters in the country’s history.