CNOOC Uganda’s oil drilling rig
The Deputy Governor Bank of Uganda, Professor Augustus Nuwagaba, has asked the people of Bunyoro to prepare and position themselves to tap opportunities that will accrue from the oil and gas sector discovered in their area.
During his visit to the Kingfisher Development Area ( KFDA) operated by CNOOC Uganda Limited in Buhuka village, Buhuka Parish in Kyangwali sub-county in Kikuube district, Nuwagaba noted that it is time for the people of Bunyoro and other Ugandans to massively invest in the oil and gas sector now that the oil companies and the government have signed the final investment decision (FID).
He says that with commercial production expected to begin in 2026, various initiatives are underway to help residents and businesses benefit from the crucial industry.
Prof. Nuwagaba states that the government has put in place an enabling legal framework for the participation of Ugandans in oil and gas activities, but many Ugandans are not bothered to take up the available opportunities.
According to Nuwagaba, the construction of critical facilities, including the airport, the refinery, the Industry park, roads and the Hoima city international stadium due to the discovery of the oil and gas resource, is expected to boost tourism in the Albertine region and encourage investment in hospitality services.
He notes that the people of Bunyoro and other Ugandans should not just sit and think that oil money will be wired into their pockets, saying they must invest in hotels, transport, accommodation, logistics, security, construction and engineering firms, among other services to benefit from the oil and gas sector.
Prof. Nuwagaba explained that the Bank of Uganda (BoU) will manage the Petroleum Investment Reserve Fund on behalf of the government of Uganda so that the money accruing from the oil resource will be invested in other developments.
He further noted that the Bank of Uganda they are aware that the oil industry will be one of the major sectors that will bring inflows to cause growth of the economy, emphasising that it is one of the drivers that will escalate socio-economic transformation in the country.
Nuwagaba explains that Uganda’s current GDP, which stands at 50.2 billion dollars, will double in about five years due to oil and gas development.
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