Munyonyo — African nations have been urged to harness the power of domestic pension funds to fuel development, reduce dependency on foreign loans, and create sustainable prosperity across the continent.
Representing President Yoweri Kaguta Museveni at the All Africa Pension Summit 2025 held at Speke Resort Munyonyo, Prime Minister Rt. Hon. Robinah Nabbanja commended the National Social Security Fund (NSSF) for its transformation from a savings institution into “an important contributor to national development.”
“The Fund is now a major investor in affordable housing, renewable energy, and other key sectors — a step in the right direction,” Nabbanja said, reading from the President’s message. “Our focus as a government is to mobilise and empower our population to make productive use of existing infrastructure — creating jobs, wealth, and prosperity for individuals, families, and companies alike.”
Nabbanja noted that Africa’s greatest challenge remains the paradox of “a continent rich in natural resources such as gold, iron, and uranium, yet home to populations that remain largely poor.” She emphasised that while African countries possess land and labour, “we continue to face shortages in capital and entrepreneurial capacity.”
She called on African leaders and pension fund managers to tap into the continent’s estimated USD 700 billion in pension assets. “Africa urgently needs both capital and entrepreneurship to accelerate development,” she said. “Our pension funds present a unique opportunity to mobilise domestic capital for investment in critical sectors such as energy, infrastructure, and transport.”
“The Time to Look Inward Is Now”
Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury, urged African economies to rethink their reliance on external borrowing amid tightening global fiscal conditions.
“Traditionally, external borrowing has played a central role in funding infrastructure,” he said. “However, in today’s environment marked by higher global interest rates and shifting donor behaviour, that model is less sustainable. We must look inward to the billions our citizens save each year. Properly structured, pension capital is the ideal instrument — domestic, long-term, and aligned with our national priorities.”
Ggoobi added that Uganda’s Vision 2040 and the Fourth National Development Plan identify infrastructure as “the foundation of transformation — from roads and energy to industrial zones. Such long-term projects require patient capital that aligns with our development ambitions.”
“The Greatest Risk Is in Failing to Invest in Ourselves”
Delivering a passionate keynote, Hon. Betty Amongi, Minister of Gender, Labour and Social Development, challenged pension fund managers to reimagine their role as agents of transformation rather than custodians of static savings.
“The greatest risk, colleagues, is not in investing in Africa’s own potential, but in failing to do so,” she declared. “It is in allowing our capital to passively support economies that do not prioritise our people, while our own infrastructure crumbles and opportunities wither.”
Amongi lamented Africa’s dependence on foreign loans, calling it “a treadmill that keeps us running in place, bound by external obligations.” She urged African pension funds to invest directly in their countries’ socio-economic infrastructure.
“Imagine a generation where our own pension funds don’t just guarantee retirement, but actively build the schools, hospitals, and infrastructure our people deserve — financed, owned, and benefited by us,” she said to loud applause.
Amongi cited success stories across the continent, including South Africa’s GEPF, Nigeria’s PenCom, and Kenya’s KEPIC, which have channelled billions into renewable energy, agriculture, and housing. “In Uganda, NSSF is leading by example, managing over USD 1.4 billion in local infrastructure projects,” she added.
She reaffirmed government commitment to maintaining strong regulatory frameworks and transparency, noting, “This initiative is not about diverting funds away from social security; it is about leveraging that security to build a more prosperous future.”
“A Forum for Action, Not Talk”
Leonard Zulu, United Nations Resident Coordinator in Uganda, commended the summit for aligning the pension sector with broader development goals.
“This Summit is more than a technical discussion,” he said. “It is a forum for aligning policy, regulation, capital markets, and project pipelines with the Sustainable Development Goals (SDGs) and Africa Agenda 2063.”
The All Africa Pension Summit 2025, hosted by NSSF Uganda, brought together ministers, policymakers, investors, and pension fund managers from across the continent under the theme “Unlocking Africa’s Pension Potential for Sustainable Development.”
