Petroleum Fund Fuelling Oil Infrastructure Projects, Hoima City Stadium – BoU

Hoima — The Bank of Uganda (BoU) has showcased how the country’s burgeoning oil sector is driving major infrastructure projects, including the construction of the Hoima City Stadium ahead of the 2027 Africa Cup of Nations (AFCON).

In a recent statement, BoU confirmed that the Petroleum Fund, which it manages as custodian, has been a key financier of the stadium project. Located in the heart of Hoima—Uganda’s emerging “Oil City”—the stadium is rapidly taking shape, with works progressing on seating installation, roofing, landscaping, playing surfaces, running tracks, and other facilities such as an Olympic-sized swimming pool and a 2,000-seater indoor arena.

The project reflects the government’s strategy of using oil revenues not only to boost the energy sector but also to stimulate related industries like tourism and sports, positioning Uganda for enhanced regional and international engagement.

Further underlining Uganda’s oil sector progress, BoU’s Petroleum Fund management and senior staff recently toured key oil developments in the Tilenga Project area, including the Kasmene 1 oil well site and the adjacent industrial area in Buliisa district.

To date, 266 oil wells have been drilled in the Albertine Graben region, achieving an impressive 88% success rate. These wells will become operational once commercial oil production begins, with expected peak yields of up to 230,000 barrels per day.

Uganda’s oil sector growth is the result of close collaboration between government agencies and international partners. Among them is CNOOC Uganda Ltd, operator of the Kingfisher Project on Lake Albert’s shores, which encompasses four oil fields and a central processing facility with an estimated investment of US$2 to 2.5 billion.

Additionally, the East African Crude Oil Pipeline (EACOP) project will transport oil over 1,443 kilometres from Hoima to the Tanzanian port of Tanga for export, enhancing the region’s energy export infrastructure.

Complementing these developments is the near completion of Kabalega International Airport, part of the support infrastructure within Hoima’s industrial park managed by the Uganda National Oil Company (UNOC). The airport is now over 96% complete and will facilitate increased cargo and passenger traffic linked to oil operations and broader economic activity.

BoU continues to emphasise its custodial role in managing Uganda’s Petroleum Fund and the Petroleum Revenue Investment Reserve, ensuring transparent deposit and investment of oil revenues to secure Uganda’s economic future.

This multifaceted approach demonstrates how Uganda’s oil resources are fueling wider socio-economic transformation, strengthening infrastructure, creating jobs, and opening new avenues for growth.