Joyce Namugambe
20TH OCTOBER 2023 IKEJA LAGOS/ Uganda’s High Commissioner to the Federal Republic of Nigeria H.E. Nelson Ocheger hailed the excellent historic cordial bilateral relations between Uganda and the Federal Republic of Nigeria which are anchored on the Principles of Pan-Africanism and shared values.
He lauded leadership of H.E. Yoweri Kaguta MUSEVENI, President of the Republic of Uganda and H.E. Bola Ahmed TINUBU, the President of the Federal Republic of Nigeria for their unwavering commitment to ensure that these excellent bilateral relations continue to progress from strength to strength as evidenced by the Business Forum and launch of Uganda Airlines maiden flight to Lagos.
He further reiterated that the Business Forum was convened with the sole purpose of bolstering bilateral trade between Uganda and the Federal Republic of Nigeria. Amb. Ocheger emphasized that the Business Forum is taking place in line with the Ministry of Foreign Affairs policy of implementing Commercial and Economic Diplomacy to achieve socio-economic transformation and development for the mutual benefit of both countries.
Amb. Ocheger commended the joint efforts of the Uganda High Commission, Ministries of Foreign Affairs, Ministries of Trade and United Nations Development Programme for convening the Forum particularly in mobilising higher levels of private investments into priority sectors in Uganda, as identified under the National Development Plan of Uganda (NDP III) that can meaningfully benefit from this Forum.
He emphasized the importance of Nigerian entrepreneurs investing in areas of value addition in Uganda as key for strategic partnerships between Nigerian and Ugandan businesses.
He Highlighted key sector areas for investment such as Agribusiness, especially focus on value addition, improvement on the storage facilities through construction of warehouses and silos, Fisheries Opportunities are available for fish farming and establishment of more fish processing factories on other lakes other than Lake Victoria, Manufacturing, Forestry Uganda possesses abundant potential in areas like timber processing for export, manufacture of high-quality furniture/wood products and various packaging materials, Energy / renewable energy and Mining, Oil and gas, and Services (Health, Education, Financial services).
He further reiterated that Uganda is committed to improving the business environment and has taken a strategic direction to embrace the liberal trade policy and continues to drive the economy in different spheres which include Under the across borders trade initiatives, establishment of one stop border points, automation of customs procedures, improvement in transit flow through the elimination of existing non-tariff barriers, expansion of market access opportunities through the African Continental Free Trade Area (AfCFTA), EAC, COMESA FTA, and now the Tripartite of the three trading blocs of EAC, SADC & COMESA, Computerized land registry, Quick access to licenses and registration, The introduction of electronic single window system, among others.
Amb. Ocheger emphasised that Uganda is one of the leading exporters on the Continent of consumer goods. Exports includes Coffee, Sugar, Tea, Diary, and milk products, Poultry products, Fish, and horticultural products, etc. He also highlighted that the rate of Inflation, as of September 2023 is 2.9 % – the lowest in Eastern Africa. The cost of doing business is relatively low.
He noted that the tourism industry is fast recovering from the interruption of COVID-19 and extended an invitation to entrepreneurs and business persons in Nigeria, and indeed in the entire West Africa, to take advantage of the conducive business and investment climate and incentives available to trade with, invest in and indeed, tour Uganda.
According to statistics from Ministry of Trade, Industry and Cooperatives indicate that at the EAC level intra exports increased from $1.22b in 2016 to $1.8b by 2020 while the intra-EAC imports increased from $1.43b recorded in 2016 to above $2b by the end of 2020.
Nigeria is Africa’s largest economy with a GDP of 440 billion dollars and a population of almost 250 million, presenting enormous investment opportunities in Uganda.
The Forum which concluded on a high note brought together over 250 trade and investment, policymakers, Members of the business communities, trade support institutions, regional and multilateral organisations from Uganda and Nigeria, achieved its aim of exploring investment and trade opportunities to improve bilateral trade between the two countries to Mobilise high levels of private sector investments into priority sectors for the mutual benefit of Uganda and Nigeria, Promote Foreign Direct Investment (FDI), boost exports, promote tourism, facilitate technology transfers, and strengthen ties between the two nations.
