Industry leaders at the Uganda Economic Forum say the country must strengthen local businesses, create sustainable jobs and link oil and mineral investments to other sectors to ensure natural resource wealth benefits more citizens.
Uganda has been urged to use its anticipated oil production and mineral wealth to create sustainable jobs, strengthen local businesses and improve household incomes rather than rely on revenues from extractive industries alone.
The call was made on the third day of the seventh Uganda Economic Forum 2026 at Next Media Park, where industry players discussed how the country can translate its oil, gas and mineral resources into broad-based economic growth.
The discussions focused on increasing local participation, expanding business opportunities and ensuring that investments in the extractive sector support economic activity long after the resources are depleted.
Angella Ambaho Kariisa, the senior public relations officer at the Uganda National Oil Company (UNOC), said Uganda’s first oil would not necessarily lead to an immediate reduction in pump prices, which will continue to depend on international market conditions and domestic taxes.
“Fuel prices will continue to be influenced by international market conditions and domestic taxes,” Kariisa said.
She said oil production was expected to strengthen petroleum supply security and generate revenue that could support other sectors of the economy, including agriculture, tourism and infrastructure.
Kariisa urged local businesses to register with UNOC to access available opportunities, saying the country’s petroleum resources should stimulate wider economic development rather than create long-term dependence on oil.
Gloria Ssebikaari, the manager of corporate affairs at the Petroleum Authority of Uganda, said about 2,300 Ugandan companies were already engaged in the oil and gas sector.
She emphasised the need to connect petroleum investments to other economic activities to expand opportunities for local enterprises and ensure that more Ugandans benefit from the industry.
Dr Frank Dixon Mugyenyi, founder and board chairman of the Uganda Chambers of Mines and Petroleum, said local businesses must meet industry standards, supply quality goods and services at competitive prices, and connect with available markets to benefit meaningfully from the sector.
The discussions underscored the importance of building the capacity of Ugandan businesses to compete for contracts and supply opportunities as investment in oil, gas and minerals expands.
Uganda’s anticipated oil production presents opportunities to generate export earnings, attract investment and increase government revenue. However, the extent to which these benefits reach ordinary citizens will depend partly on local participation, job creation and the strength of links between extractive industries and the wider economy.
Participants stressed that connecting the sector to agriculture, tourism, infrastructure and other productive activities would help spread the benefits of natural resource development across the economy.