{"id":69134,"date":"2024-03-19T06:15:16","date_gmt":"2024-03-19T06:15:16","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=69134"},"modified":"2024-03-19T05:44:46","modified_gmt":"2024-03-19T05:44:46","slug":"fdi-remains-stable-due-to-oil-related-investments","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments","title":{"rendered":"FDI remains stable due to oil-related investments"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Bank of Uganda has indicated that Foreign Direct Investment (FDI) stood at $2.9b in the 12 months to January 2024, which is almost the same compared to the same period in 2023.<\/b><\/p>\n

Responding to a question about the performance of FDI, Dr Adam Mugume, the Bank of Uganda executive director research, said oil-related investments had boosted FDI but this, he noted, could have peaked, thus the unchanged position.<\/p>\n

\u201cFDI to the oil sector could have peaked since most of the oil-related infrastructure has been set up and the bulk of FDI is oil-related. Perhaps more than half of FDI is oil-related,\u201d he said.<\/p>\n

FDI remains key in the recovery of investment confidence in Uganda, which suffered a drastic decline in 2020 following the effects of Covid-19.<\/p>\n

It is an important source of private external financing and is different from other major types of external private capital flows that are motivated largely by investors\u2019 long-term prospects for making profits in production activities that they directly control.<\/p>\n

Finance Minister Matia Kasija last year said Uganda\u2019s FDI reduced sharply from $1.3b in 2019 to $874m in 2020 but had recovered to $1.5b in 2022.<\/p>\n

\u201cI am happy to report that Uganda is one of the 10 top African countries in FDI inflows for calendar year 2022 and the number one in East Africa due to growth in the minerals sector, and oil and gas which recorded increased activity after the Final Investment Decision in February 2022,\u201d he said.<\/p>\n

FDI recovery <\/b><\/p>\n

The recovery has largely been attributed to activities in the oil and gas sector as the country moves towards the production stage by 2025.<\/p>\n

In January, Energy Minister Ruth Nankabirwa, said in a policy brief that the oil and gas sector had significantly contributed to the country\u2019s GDP, amounting to $8.6b in the form of FDI, noting that the National Oil and Gas Policy for Uganda and the National Content Policy for the Petroleum subsector, had helped Ugandans to participate, thus increasing the value, and knowledge retention of local companies.<\/p>\n

\u201cMany contracts have been awarded to Ugandan companies, and employment in the sector is predominantly comprised of Ugandans,\u201d she said, noting that in terms of employment, Ugandans dominate the oil and gas sector with at least 13,821, which translates to 93 percent employed in the sector.<\/p>\n

\u201cThis is a testament to our efforts to support more Ugandans to find employment in the sector. We continue to maintain a National Talent Register where all employable Ugandans are registered,\u201d she said.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Bank of Uganda has indicated that Foreign Direct Investment (FDI) stood at $2.9b in the 12 months to January 2024, which is almost the same compared to the same period in 2023. Responding to a question about the performance of FDI, Dr Adam Mugume, the Bank of Uganda executive director research, said […]<\/p>\n","protected":false},"author":84,"featured_media":69133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,258],"tags":[233,240,234],"class_list":["post-69134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nFDI remains stable due to oil-related investments - Uganda<\/title>\n<meta name=\"description\" content=\"Bank of Uganda has indicated that Foreign Direct Investment (FDI) stood at $2.9b in the 12 months to January 2024, wh ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FDI remains stable due to oil-related investments\" \/>\n<meta property=\"og:description\" content=\"Bank of Uganda has indicated that Foreign Direct Investment (FDI) stood at $2.9b in the 12 months to January 2024, wh ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-19T06:15:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/03\/sm_1710814297.96141.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"FDI remains stable due to oil-related investments\",\"datePublished\":\"2024-03-19T06:15:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments\"},\"wordCount\":424,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/03\/sm_1710814297.96141.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/fdi-remains-stable-due-to-oil-related-investments\",\"name\":\"FDI remains stable due to oil-related investments - 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