Uganda’s president says he is not excited about oil stock

Kampala. President Museveni yesterday said he is among the people “not excited” about the current 6.5 billion barrels of stock tank of oil because it is just a small portion of Uganda’s larger economic transformation.

“For example, I strongly believe that petroleum cannot be more important than agriculture,” Mr Museveni said, adding: “Agriculture will be there for a very long time until when may be the environment changes.”

Speaking at the International Oil and Gas Summit yesterday which closes today at the Kampala Serena Hotel, the President described oil as a “catalyst” and “an enabler” to get “quick cash” for investment into priority sectors that will propel Uganda to prosperity.

“We shall get this money and use it to build a durable economy,” he said.

The President’s remarks at the summit, attended by among others potential investors, international oil companies, local players and officials of the various oil bodies, were a marked departure from the usual position of pegging Uganda’s future prosperity on oil.

Previously, Mr Museveni accused the Opposition of being after “my oil” and wanting him to quit leadership at time when the country is about to start oil production and earn revenues; which he said he won’t leave in the hands of his opponents.

President Museveni listed priority sectors to which future oil revenues will be ploughed into as infrastructure development, human capital development, agriculture, science and technology and only a small component apportioned to education. (NMG)