At least 23 Nigerian companies have expressed interest in investing in Uganda, with proposed projects ranging from manufacturing and agriculture to oil and gas.
The Uganda Investment Authority (UIA) said the companies have registered their interest through Uganda’s High Commission in Abuja.
Dr Sam Omara, the officer in charge of economic and commercial diplomacy at the High Commission, said the embassy had registered all 23 companies.
Among the projects under consideration is a proposed $75 million strategic partnership and an $800 million fertiliser factory.
Other investors are exploring opportunities in oil and gas, textiles, financial services, information and communications technology, fintech and manufacturing.
Interest also covers agro-processing, including coffee, dairy, horticulture, palm oil and livestock.
Other sectors include machinery, real estate, transport and logistics, industrial research, cement, pharmaceuticals and media services.
UIA said the interest reflects growing commercial ties between Uganda and Nigeria.
The two countries want to expand beyond trade and establish investments that can create jobs, support industrial development and promote innovation.
The engagement also forms part of efforts to deepen economic integration under the African Continental Free Trade Area (AfCFTA).
Nigeria, Africa's most populous country, also presents a large market for Ugandan goods.
According to UIA, Uganda's exports to Nigeria stand at $34.6 million.
The exports include tobacco, pharmaceuticals, minerals, coffee, hides and skins, powdered milk, palm oil, fish, stone and glass. Air transport services also contribute to the trade between the two countries.
