6 Nigerian coys to invest in Uganda oil sector — High Commissioner

Ugandan High Commissioner to Nigeria, Ambassador Nelson Ocheger, says six Nigerian companies have indicated interest to invest in Uganda oil and gas industry.

Ocheger made this known in an interview with the News Agency of Nigeria (NAN) at the ongoing 2021 Lagos International Trade Fair (LITF) on Tuesday in Lagos.

NAN reports that the fair is holding from Nov. 5 to Nov. 14 and has as its theme: “Connecting Businesses, Creating Value.”

Over 200,000 visitors are expected while about 1,500 exhibitors from 16 countries are participating in the 35th edition of the fair.

He said Uganda was set to produce its first oil as early as 2025 and production in the next five years was expected to jump to 230,000 barrels per day, from zero in 2021.

He said:” We have started exploring our oil reserves. We hope that by 2025, we will be able to start selling crude refined in Uganda. We are currently constructing a refinery; we are building pipelines and an airport to service that industry in Western Uganda. We are expecting to produce and it is very attractive to investors and six Nigerian companies have already shown interest.”

Ocheger said the projects were being executed using Public Private Partnership model and was attracting investors.

He noted that Nigeria was the biggest oil producer in Africa with vast years of experience in the sector.

Ocheger explained that strengthening of ties between Uganda and Nigeria was very important for economic growth and development.

The high commissioner said Uganda’s visa regime was very friendly and seamless to attract more investors and visitors to the country.

“We now encourage applicants to do it online and you are given a code which you can present at any port of arrival as long as you have met all the requirements. However, we are looking at piloting visa on arrival for holders of diplomatic, official and service passports.

“Once that succeeds, we hope to roll it to all the sections of the population who are eligible to visit Uganda. We also have business visa for investors which is processed on a case by case basis,” he said.

Ocheger said Uganda offers several investment opportunities in areas such as agro-business, tourism, value addition for minerals, infrastructure, energy and information communication technology.

He said the country enjoys a favourable economic environment, excellent fiscal and monetary policies, political stability, skilled workforce and good security.

The high commissioner said Uganda also offers both local and regional market for investors being a dominant player in the East African bloc.

(NAN)