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One of the oil fields in the Albertine Graben. Courtesy photo

Museveni Maintains Oil Money will not be for Consumption

posted onSeptember 8, 2019
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By Kampala Post Reporter

DAR-ES-SALAAM, TANZANIA: President Yoweri Museveni has reiterated that Uganda’s earnings from the oil resource will not be used for consumption or even salaries.

“Under my leadership, the money from oil will not be used for consumption or salaries. Why? Because it is a resource that is exhaustible and finite. One day there will no longer be oil. That is why I insisted that money from these resources should only be used to create durable capacity for the Ugandan economy namely; build power dams, irrigation schemes, the railway, scientific innovations and some aspects of education,” he said.

The President made the remarks on Friday while addressing the business community attending a 3-day Uganda-Tanzania Business Forum 2019 at the Julius Nyerere International Convention Centre in Dar-es-Salaam, the Tanzanian capital. The First Lady and Minister of Education and Sports Hon. Janet Kataha Museveni was among other cabinet ministers and private sector officials at the forum.

The forum is the first of its kind and was the initiative of the partnership of Tanzanian Private Sector Foundation (TPSF) and the Private Sector Foundation of Uganda (PSFU). It aims at offering a platform for the business community to share experiences, explore investment opportunities across borders, create business to business networks, identify and discuss challenges in the presence of the Heads of State and Government Ministers and policy makers.

The forum also lays emphasis on issues relating to the steps that can be taken to address and overcome the bottlenecks to the thriving of the bilateral trade between Uganda and Tanzania. Earlier, President Museveni and his Tanzanian counterpart, John Pombe Magufuli were conducted on a guided tour of exhibition stalls in which Ugandan companies and government ministries including Uganda Airlines, Uganda Investment Authority, Uganda Railways Corporation, Kakira Sugar Works, Stanbic Bank, National Social Security Fund, NITA, UCC, Ugandan Petroleum sector, the Ministry of Energy, and the National Oil Company, among others, showcased what they offer.

President Museveni said he is interested in learning the conclusions of the forum on topics relating to the attractiveness of the 2 countries as destinations of investments, harmonisation of the strategies and partnerships in the emerging data economy, trade and infrastructure, reducing the cost of doing business between Uganda and Tanzania and the local content as a key to the unlocking of the long term value in extractive industries.

The President and his host concurred on the plan to enhance water transport from the Port of Mwanza in Tanzania to Port Bell in Uganda adding that railway transport between the two countries would go a long way in promoting sustainable trade and investment between the two countries. Mr. Museveni revealed that the East African governments are working aggressively on power saying that in Uganda today total power generation will soon be 2,000 megawatts which will ensure reliable power supply transmission and the lowering of power costs for manufacturers.

President Magufuli described the 1st business forum between Uganda and Tanzania as a historical occasion. He thanked the organizers for effecting the forum and President Museveni for honouring it with his presence. “The cooperation between Uganda and Tanzania has been in existence since time immemorial even before colonial time. The borders cannot separate us. We shall continue working together in development,” he said.

He stressed that it was important for the two countries to strengthen their cooperation in development drawing on the potential of their own natural resources in the sectors of agriculture, tourism and manufacturing. President Magufuli revealed that to ensure faster movement of people and goods between Uganda and Tanzania, his government is going to institute only two checkpoints from Dar-es-Salaam to the Ugandan border.

President Magufuli added that measures are underway to ensure that goods move freely in the EAC region with a view to increasing trade and investment. “The room for investment is very wide for Uganda and Tanzania business sector. This bilateral forum should be promoted for our people in business. Let’s agree and do business and stop lagging behind in development,” he added.

The Tanzanian leader disclosed that President Museveni and himself took the decision and agreed to the building of an oil pipeline from Hoima to Tanga, one of the longest pipelines in the world, as a sign of commitment between the two countries. During the Forum, the two leaders witnessed the signing of a number of Memoranda of Understanding between Uganda and Tanzania in the fields of Agriculture, Foreign Affairs and Migration. President Magufuli also hosted President Museveni and First Lady Janet Museveni to a luncheon at State House, Dar-es-Salaam.

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