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Museveni Assures Ugandans of Double-Digit Economic Growth with Oil

by Our Reporter
February 7, 2025
Museveni Assures Ugandans of Double-Digit Economic Growth with Oil

President Museveni presiding over Tarehe Sita celebrations in Kyotera district

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During the 44th Tarehe Sita Anniversary celebrations at Kasasa Township Grounds in Kyotera District, President Yoweri Kaguta Museveni, also the Commander-in-Chief of the Uganda Peoples’ Defence Forces (UPDF), assured Ugandans that the country’s economy will experience double-digit growth once oil production begins.

“After June this year, our economy will grow by 7.3 percent without oil. That is a high growth rate that very few countries achieve. With oil, our growth rate will exceed 10 percent,” President Museveni stated.

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Accompanied by First Lady and Minister of Education and Sports, Maama Janet Museveni, the President addressed a gathering under the theme: “Celebrating Pan-African Solidarity and People’s Sacrifice in the Struggle for Freedom and Democracy for Socio-Economic Transformation.”

Tarehe Sita, commemorated annually on February 6th, marks the founding of Uganda’s people’s army and honours the sacrifices made by the nation’s revolutionaries.

Economic Growth and Development Phases

President Museveni highlighted Uganda’s progressive economic growth, detailing the five phases the country has undergone since 1986.

“As a result of our strategic approach, our economy will reach USD 59.3 billion by June 2025 using the Foreign Exchange Method and USD 168.5 billion using the Purchasing Power Parity (PPP) method. Remember, we started with only USD 4 billion in 1986.”

President Museveni presiding over Tarehe Sita celebrations in Kyotera district

The five economic phases include: economic recovery – restoring key colonial-era exports such as coffee, cotton, copper, tobacco, tea, and tourism, expansion – scaling up production, such as increasing coffee output from 2 million to 9 million bags, diversification – introducing new industries and economic activities, value addition – enhancing product value through processing and manufacturing and knowledge economy – advancing technology, including automobile manufacturing and vaccine production.

The President also pledged support for local scientists who have pioneered innovations like vaccine development and diagnostic tools, emphasising Uganda’s growing self-sufficiency.

Call for Value Addition and Commercialisation

President Museveni encouraged Ugandans to focus on value addition to maximise economic benefits.

“With coffee, we are already making strides by supporting various groups. Our target of a USD 500 billion economy in the coming years is achievable. The Greater Masaka area is advancing in commercial coffee, palm oil, and milk production. Adding irrigation will push us even further. However, I question the viability of rice cultivation in the Katonga floodplain; we shall discuss it further.”

Strengthening Uganda’s Infrastructure and Security

Addressing infrastructure concerns, the President directed the Ministries of Works and Finance to prioritise maintaining existing roads before constructing new ones.

“I apologize to the people of this area. Many roads have been built across Uganda, but planners overlooked the maintenance of old ones. That’s why the Mutukula-Masaka road deteriorated before repairs began. We have now issued clear instructions to consolidate existing roads before undertaking new projects.”

President Museveni reaffirmed the UPDF’s capability to safeguard Ugandans and their property, stating, “As CDF Gen. Muhoozi has assured you, the UPDF is fully equipped to protect you, with your support.”

Celebrating the Legacy of Tarehe Sita

The Minister of Defence and Veteran Affairs, Hon. Jacob Oboth Oboth, emphasised the need to protect the gains made under the NRM government.

“We must all guard and protect these achievements without fear or favour,” he stated. “Your Excellency, you took the risk of staging an armed struggle with limited resources. Now, with our enhanced military capability, Ugandans must stay committed to safeguarding what we have built.”

Chief of Defence Forces (CDF) Gen. Muhoozi Kainerugaba paid tribute to President Museveni and the 27 gallant fighters who launched the liberation struggle in 1981.

“This event marks a defining moment in our history, demonstrating how far we have come and where we aim to go. We honour those who sacrificed for this nation. With experience and guidance, we will continue advancing fundamental change, ensuring security for all citizens.”

Gen. Muhoozi expressed gratitude to all who supported Uganda’s liberation and emphasized the importance of sustaining Pan-African ideals.

“As the UPDF, we remain committed to consolidating the fruits of the liberation struggle by maintaining peace within our borders and supporting our African brothers and sisters. Pan-Africanism remains central to our mission.”

Honouring National Heroes

During the ceremony, 41 individuals were awarded medals for their outstanding contributions to Uganda’s liberation.

The event was attended by Vice President H.E. Jessica Alupo, NRM First National Deputy Chairman Alhajj Moses Kigongo, NRM Secretary General Rt. Hon. Richard Todwong, Ministers, Members of Parliament, senior security officials, and other dignitaries.

Tags: MusevenioilSoft PowerSoftPower NewsTarehe SitaTop Uganda NewsUgandaUganda economy

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