Uganda expects its economy to expand by an average of 8% a year over the next five years, propelled by petroleum development and investment in transport and other infrastructure, the finance ministry said on Thursday.
Output of crude is slated to begin around mid-2026 and is expected to lift growth into double digits in the 2026/27 fiscal year (July–June), the ministry said in a post on X citing Finance Minister Matia Kasaija. The International Monetary Fund last year said oil production could push Uganda to double-digit growth; this is the first time Kampala has issued a similar outlook.
Presenting a budget strategy for the year starting July 2026, Kasaija said growth for the year ending June 2026 is projected at 7%.
In the following financial year, the government will prioritise spending on oil and gas, transport infrastructure, electricity and industrial parks, among other sectors, he added.
Uganda holds an estimated 6.5 billion barrels of crude reserves in the Albertine Rift Basin. Project developers China National Offshore Oil Corporation (0883.HK) and TotalEnergies (TTEF.PA) are drilling wells and building an export pipeline ahead of first oil.