Local enterprises tipped on harnessing oil sector opportunities

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The 6th Annual National Content Conference officially opened today (December 03) at Mestil Hotel, Kampala, with the Minister of State for Mineral Development, Okasai Opolot, calling on Ugandan enterprises to scale up their capacity in order to fully benefit from the country’s 25-year oil production era.

The two-day conference, themed “Beyond Drilling: Cultivating a Legacy of Empowered Nationals and Enterprises in Uganda’s Oil Age,” runs from December 3–4, 2025.

While addressing stakeholders in the oil and gas sector, Okasai urged local companies to strengthen partnerships, form joint ventures, and improve the quality of their services to meet industry standards.

“We urge Ugandan entrepreneurs and enterprises to scale up and form joint ventures in order to develop their capabilities to execute and deliver on contracts awarded by licensed oil and gas companies,” Okasai appealed.

His appeal was reinforced by the Governor of the Bank of Uganda, Dr Michael Atingi-Ego, who emphasised capacity building as the key to retaining long-term value from Uganda’s natural resources, even after oil reserves are exhausted.

Atingi noted that oil alone cannot transform Uganda’s economy unless revenues generated from it are managed wisely.

“Barrels of oil alone will not transform our country, but how we manage the oil revenues,” he advised.

He highlighted ongoing government efforts to implement deliberate policies aimed at skills development and cross-sector investment in agriculture, tourism, manufacturing, and the services industry. 

He added that Uganda is also prioritising human capital development and strategic infrastructure, citing the new oil roads and the Kabalega International Airport, which has already eased the transportation of goods and boosted tourism by improving access to Murchison Falls and other previously hard-to-reach sites.

Responding to concerns about limited patient capital in the country, the Deputy Governor revealed that the Bank of Uganda is investing in infrastructure bonds, green bonds, and other instruments to stimulate local investment and deepen financial markets.

Later in the day, Okasai, Dr Atingi-Ego, and the Executive Director of the Petroleum Authority of Uganda (PAU), Ernest Rubondo, joined PAU Board Chairperson Lynda Biribonwa to officially launch the Authority’s new five-year strategic plan.

The conference attracted licensed oil companies, suppliers, service providers, and exhibitors. The minister toured several exhibition stalls, where innovators showcased technologies and services tailored to Uganda’s evolving oil and gas sector.