Africa-Press – Uganda. African nations have been urged to tap into domestic pension funds to fuel development, reduce dependency on foreign loans, and create sustainable prosperity across the continent.
Representing President Museveni at the All Africa Pension Summit 2025 held at Speke Resort Munyonyo, Prime Minister Robinah Nabbanja praised Uganda’s National Social Security Fund (NSSF) for its transformation from a savings institution into “an important contributor to national development.”
“The Fund is now a major investor in affordable housing, renewable energy, and other key sectors – a step in the right direction. Our focus as a government is to mobilize and empower our population to make productive use of existing infrastructure, creating jobs, wealth, and prosperity for individuals, families, and companies alike,” Nabbanja said, reading from the President’s message.
Highlighting Africa’s development paradox, Nabbanja noted that while the continent is rich in natural resources such as gold, iron, and uranium, large segments of the population remain impoverished. She emphasized that, although African nations possess land and labor, they often face shortages of capital and entrepreneurial capacity.
She called on African leaders and pension fund managers to leverage the continent’s estimated Shs 2.43 quadrillion (USD 700 billion) in pension assets, noting: “Africa urgently needs both capital and entrepreneurship to accelerate development. Our pension funds present a unique opportunity to mobilize domestic capital for investment in critical sectors such as energy, infrastructure, and transport.”
Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, urged African economies to rethink reliance on external borrowing, particularly amid tightening global fiscal conditions.
“Traditionally, external borrowing has played a central role in funding infrastructure. However, in today’s environment marked by higher global interest rates and shifting donor behavior, that model is less sustainable. We must look inward to the billions our citizens save each year. Properly structured, pension capital is the ideal instrument – domestic, long-term, and aligned with our national priorities,” Ggoobi said.
He added that Uganda’s Vision 2040 and the Fourth National Development Plan identify infrastructure as “the foundation of transformation – from roads and energy to industrial zones. Such long-term projects require patient capital that aligns with our development ambitions.”
Delivering a keynote address, Minister of Gender, Labour and Social Development, Betty Amongi Akena, challenged pension fund managers to reimagine their role as agents of transformation rather than custodians of static savings.
“The greatest risk, colleagues, is not in investing in Africa’s own potential, but in failing to do so. It is in allowing our capital to passively support economies that do not prioritize our people, while our own infrastructure crumbles and opportunities wither,” she said.
Amongi criticized Africa’s dependence on foreign loans, calling it “a treadmill that keeps us running in place, bound by external obligations.” She urged pension funds to invest directly in their countries’ socio-economic infrastructure, envisioning a future where pension funds do not merely guarantee retirement but actively build schools, hospitals, and infrastructure owned and financed by Africans.
She cited success stories from South Africa’s GEPF, Nigeria’s PenCom, and Kenya’s KEPIC, which have collectively channeled billions of dollars into renewable energy, agriculture, and housing.
“In Uganda, NSSF is leading by example, managing over Shs 4.87 trillion (USD 1.4 billion) in local infrastructure projects,” she said.
Amongi reaffirmed government commitment to strong regulatory frameworks and transparency, emphasizing that leveraging pension funds is “not about diverting funds away from social security; it is about using that security to build a more prosperous future.”
Leonard Zulu, United Nations Resident Coordinator in Uganda, praised the summit for aligning the pension sector with broader development goals.
“This Summit is more than a technical discussion. It is a forum for aligning policy, regulation, capital markets, and project pipelines with the Sustainable Development Goals (SDGs) and Africa Agenda 2063,” Zulu said.
Hosted by NSSF Uganda, the All Africa Pension Summit 2025 brought together ministers, policymakers, investors, and pension fund managers from across the continent under the theme: “Unlocking Africa’s Pension Potential for Sustainable Development.”
The summit concluded with a clear message: Africa’s path to self-reliant, inclusive growth lies in mobilizing domestic resources, empowering pension funds, and investing strategically in infrastructure and key development sectors.
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