President Yoweri Museveni delivered his State of the Nation address to Parliament, underscoring Uganda’s steady economic growth and significant strides in infrastructure, agriculture, and oil production, positioning the country towards achieving middle-income status by 2025.
“The economy is growing steadily, and we are on track to achieve our vision of becoming a middle-income country by 2025,” President Museveni declared.
“Our economy has grown by 6.5% in the past year, driven by the agriculture, tourism, and construction sectors.”
Agriculture, a cornerstone of Uganda's economy, saw a remarkable 15% increase in production over the past year.
“Agriculture is the backbone of our economy, and we are committed to supporting our farmers to increase production and productivity,” Museveni emphasized,
Highlighting initiatives aimed at boosting agricultural output.In addition to agriculture, Uganda’s burgeoning oil sector has significantly contributed to economic growth.
“Our oil production has increased significantly, and we are now earning $1 billion annually from oil exports,”
Museveni announced, noting that these earnings are crucial for enhancing the country’s foreign exchange reserves.
The President also spotlighted various infrastructure development projects as key drivers of economic growth.
“We are committed to creating a favorable business environment and attracting more investment to Uganda,” he stated. “Our infrastructure development program is aimed at improving connectivity and facilitating trade.”
Significant infrastructure projects include road expansions, improved railway networks, and enhancements in the energy sector.
These projects are designed to bolster trade within the region and beyond, providing a solid foundation for sustainable economic growth.
Museveni’s address also touched on the country's progress in reducing poverty and improving living standards.
“We have made significant progress in reducing poverty, with the percentage of Ugandans living below the poverty line decreasing from 19.7% in 2012 to 14.5% in 2020,” he reported.
This improvement is attributed to targeted social programs and economic reforms aimed at uplifting the most vulnerable populations.
Despite these positive developments, the President acknowledged ongoing challenges, particularly in achieving equitable growth and ensuring that the benefits of economic progress are felt by all Ugandans.
“While we celebrate our achievements, we must remain vigilant and continue to work hard to ensure that no one is left behind,” Museveni urged.
The address was met with a mix of optimism and cautious anticipation from various stakeholders. Business leaders and investors welcomed the President’s emphasis on infrastructure and investment, while social advocates called for continued focus on poverty reduction and social equity.
In conclusion, President Museveni’s State of the Nation address painted a hopeful picture of Uganda’s economic trajectory. By focusing on key sectors such as agriculture, oil, and infrastructure, and by implementing strategic initiatives to foster growth and reduce poverty, Uganda is positioning itself to achieve significant milestones on its path to middle-income status.
The government’s commitment to creating a conducive environment for business and investment is set to play a pivotal role in this transformative journey.
