President Yoweri Kaguta Museveni has said that there is a lot of sleeping in the African continent.
Museveni made the remarks at State House Entebbe as he witnessed the signing of the Project Framework Agreement between the government and the Albertine Graben Refinery Consortium (AGRC).
“There is a lot of sleeping in Africa. You find people who should know but instead don’t know,” said the President. “And also there has been sleeping in the West, they don’t care about what potential is in Africa.” Museveni said.
Speaking during the same event, Museveni also challenged Western companies to take interest in helping Africa explore its resources potential, saying the continent presented immense business opportunities.
The agreement will ensure development, design, financing, construction, operation and maintenance of the oil refinery in Hoima District.
President Museveni said unlike China which seems to understand Africa’s potential and has been active in doing business with Africa, Western companies have been reluctant in taking up projects and investing in the continent.
“Africa is going to be a huge power house in terms of business,” said the President, who noted that African leaders and the NRM government in particular have resolved some of the obstacles to doing business like fragmented markets and confiscation of private companies by past regimes. He added.
In presence was Dr Josephine Wapakhabulo, the chief executive officer, of the Uganda National Oil Company, The Energy Minister, Eng. Irene Muloni, The Italian Ambassador, Domenico Fornara, Ambassador Deborah Malac of the US, among others.