Museveni to NRM diaspora: Invest in oil sector

BUSINESS | INVESTMENT

Although foreign remittances from Ugandans living abroad contribute heavily to the country's economic growth index, President Yoweri Museveni has suggested that ‘kyeyo' dwellers should set up industries in the country.

According to officials from the National Resistance Movement (NRM) secretariat, the other sector that Museveni wants Ugandan experts in the diaspora to invest in is that of oil and gas. Very financial year, Ugandans abroad remit about sh3 trillion to the country.

Museveni, NRM officials said, made the remarks during a meeting with Abbey Walusimbi, the chairperson of the NRM diaspora league, last week. Museveni is also the NRM party chairperson.

"Among the issues discussed was to work with diaspora in promoting investment, recruiting diaspora professionals in institutions and mobilization of more diaspora to join the ruling party," the NRM statement stated.

Speaking to New Vision on Tuesday, Walusimbi, who led the NRM diaspora wing leaders for a meeting with Museveni, described the interface as ‘fruitful', revealing that the President urged Ugandan experts abroad to not only visit Uganda regularly but to also aggressively invest the country.

"During the meeting with the President, he was keen to know where all Ugandan experts living abroad are, and he also urged us to explain to these experts in oil and gas, health, agriculture and other fields that Uganda is peaceful and conducive for investment opportunities," Walusimbi said.

Walusimbi added: "For instance, the President said that these Ugandan experts in the oil and gas sector can come back home and help the country nurture the oil sector. He also wants Ugandans living abroad, who are well off to build industries and hotels back home because this is their country, and by investing home, more jobs will be created for the youth."

Uganda has set 2020 as the target for oil production.  There are about 6.5b barrels of oil, of which, 1.2b is recoverable.