Uganda Attracts Record-Breaking Foreign Investments in Oil and Gas Sector

Posted on : Monday , 15th January 2024

FDI inflows to Kenya, Tanzania and Uganda soared to $13.3 billion in 2022, creating many jobs and boosting Uganda's oil and gas sector. Kenya attracted $2 billion and created 7,819 jobs with a 117% surge in investment inflows in one year.  

Tanzania recovers from pandemic with $1.3 billion FDI and 4,566 new jobs in 21 projects.

The 20th annual study analysed the foreign investments by their location, source, type, size, and other factors.

The Mining (oil) sector's shift from exploration and appraisal to development led to a big jump in FDI inflows since 2022, according to the report.  

The FDI unlocked the development of the Tilenga and Kingfisher fields, as well as the East African Crude Oil Pipeline project. Uganda also attracted FDI in other sectors, such as ICT, finance, and gold mining.  

The country outperformed the regional and global trends, which saw FDI inflows decline due to the economic and geopolitical challenges. Uganda overcame "global challenges and drew high levels of investment".