In a speech delivered on January 15, 2025, President Yoweri Kaguta Museveni outlined Uganda’s ambitious vision for economic transformation, leveraging the nation’s resources and positioning it as a key player in East Africa’s rise.
Addressing leaders and stakeholders, Museveni highlighted Uganda’s strides in development, opportunities for investment, and the country’s pivotal role in Africa’s collective prosperity.
Economic Transformation in Five Phases
President Museveni reflected on Uganda’s journey from a pre-industrial economy to its current status as a lower-middle-income nation. He detailed the nation’s phased strategy for development:
- Restoring the Economy: Reviving key sectors like coffee, cotton, and tourism.
- Expanding Agricultural and Industrial Production: Diversifying into fruits, dairy, sugar, and more.
- Value Addition: Moving beyond raw materials to processed and finished products.
- Knowledge Economy: Innovating in technology and industries like automotive manufacturing and vaccine production.
- Infrastructure Investment: Building roads, schools, healthcare facilities, and expanding electricity access.
These efforts have seen Uganda’s GDP grow from $4 billion in 1986 to $55 billion today, with aspirations to reach $500 billion in the near future through increased industrialization and value addition.
A Call for Global Investment
Museveni extended an invitation to global investors, emphasizing Uganda’s conducive environment for business.
He cited a 14.1% Internal Rate of Return (IRR) and highlighted untapped opportunities in agriculture, mining, ICT, and manufacturing.
“We need to add value to the large spectrum of our raw materials and tap into the vast market provided by the East African Community, the Continental Free Trade Area (CFTA), and Africa’s growing population,” Museveni said.
Africa’s Growth Potential
The president underscored Africa’s potential, noting the continent’s abundant natural resources, growing population, and improving health and infrastructure.
Uganda, with a projected population of 106 million by 2050, stands to benefit from Africa’s demographic surge, which is expected to reach 2.5 billion people within 25 years.
“Africa’s growth is now unstoppable,” Museveni declared. “Future leadership in prosperity belongs to Africa as long as we act right.”
Historical and Philosophical Reflections
Museveni touched on Africa’s historical challenges, including colonial exploitation and economic marginalization, and called for a global shift towards “win-win solutions.”
He criticized past global injustices as avoidable and counterproductive, urging for discussions to resolve human challenges through cooperation rather than conflict.
A Vision of Prosperity and Unity
Concluding his address, Museveni saluted the East African Community and the wider African continent for fostering economic integration and unity.
He emphasized that Uganda’s progress would not only uplift its 46 million citizens but also contribute to the prosperity of the entire African region.
As Uganda embarks on its transformation journey, Museveni’s speech serves as a rallying call for collaboration, innovation, and investment to unlock the continent’s vast potential.
