Lugoloobi Calls for Domestic Capital Mobilisation as Uganda Seeks Alternative Financing

What the report says

Uganda’s State Minister for Finance and Planning Amos Lugoloobi has urged the country to rely more on domestic savings, capital markets and private investment as external development assistance declines. He made the remarks at the launch of Kura Asset Managers, a licensed investment firm, where he said Uganda can no longer depend heavily on government spending, commercial bank lending or donor support to fund its long-term development goals.

According to Nile Post, Lugoloobi said Uganda needs stronger local sources of capital to support the Tenfold Growth Strategy, which aims to grow the economy to $500 billion by 2040. He said priority sectors include agriculture, industry, tourism, minerals, oil and gas, and science, technology and innovation, with infrastructure, peace and security, and human capital also seen as key enablers. He argued that capital markets should play a bigger role in connecting savings to productive investment.

Lugoloobi also cited growth in collective investment schemes and segregated assets under management, saying more Ugandans are putting money into regulated investment products, although the market remains small relative to its potential. He called on investment managers to expand access through digital platforms while keeping costs manageable.

At the same event, Kura Asset Managers announced a family-office service focused on succession planning, wealth preservation and transfer across generations. The company said it also plans to grow its advisory network. Lugoloobi stressed that transparency, disclosure and risk management should remain central as the financial sector expands.