Uganda Urged To Turn Oil And Mineral Wealth Into Jobs

What the report says

Industry leaders at the Uganda Economic Forum have called on Uganda to turn its expected oil production and mineral wealth into broader economic gains by supporting local businesses, creating sustainable jobs and linking extractive-sector investments to other parts of the economy. The discussions took place on the third day of the seventh Uganda Economic Forum 2026 at Next Media Park, where participants focused on how oil, gas and minerals could contribute to long-term growth rather than become isolated sources of revenue.

According to the report, speakers said the country should expand local participation and build stronger connections between the extractive sector and industries such as agriculture, tourism and infrastructure. Angella Ambaho Kariisa of the Uganda National Oil Company said first oil would not automatically reduce fuel prices, which she said remain tied to global market conditions and domestic taxes. She added that petroleum development could improve supply security and generate revenue for other sectors.

Gloria Ssebikaari of the Petroleum Authority of Uganda said about 2,300 Ugandan companies were already active in oil and gas, while Dr Frank Dixon Mugyenyi of the Uganda Chambers of Mines and Petroleum stressed that local firms must meet industry standards and offer competitive goods and services to benefit from the sector. The broader message was that Uganda’s natural resource wealth will matter most if it leads to wider business growth and more jobs for ordinary citizens.