Prof Nuwagaba urges Ugandans abroad to take greater ownership of the country’s economic story

What the report says

Professor Augustus Nuwagaba, the Deputy Governor of the Bank of Uganda, urged Ugandans living abroad to play a bigger role in the country’s economic development by turning remittances into investment capital. He made the remarks during Equity Bank Uganda’s 2026 diaspora webinar, held virtually under the theme of moving from remittances to investment and unlocking diaspora wealth for Uganda’s economic transformation.

According to The Independent Uganda, the event brought together diaspora participants from Europe, North America, the Middle East, Asia, Australia and East Africa, along with government, central bank and banking officials. Nuwagaba encouraged the diaspora to back sectors they understand, mentioning areas such as real estate, fintech, digital infrastructure and payment systems. He also said the Bank of Uganda is working on wider diaspora investment options, including a proposed diaspora bond, which would give Ugandans abroad a more formal channel to invest in national development.

Officials from the Ministry of Finance also used the forum to outline Uganda’s long-term economic ambitions and to point diaspora investors toward priority areas such as agro-industry, tourism, minerals, oil and gas, and technology-related sectors. Equity Bank said it is expanding services for overseas customers through digital banking, property financing and dedicated relationship managers, while also improving access to national identification services and lowering remittance costs. The bank presented the webinar as part of its effort to connect diaspora savings with investment opportunities at home.