Uganda raises growth expectations over five years boosted by oil

Uganda's economy is expected to grow by an average 8% annually over the next five years, driven by investments in petroleum production and sectors such as transport, the finance ministry said on Thursday.

Crude oil production, expected to begin around mid-2026, will help push growth into double digits in the 2026/27 (July-June) fiscal year, the ministry said in a post on social media platform X, citing Finance Minister Matia Kasaija.

The International Monetary Fund last year projected that oil production would lift Ugandan economic growth to double digits.

This is the first time the government has made a similar forecast.

Budget strategy