In a recent statement, Uganda’s High Commissioner to Nigeria, Nelson Ocheger, has extended an invitation to Nigerian investors to consider the diverse investment opportunities available in Uganda. During a press conference held at Murtala Muhammad International Airport in Lagos last Thursday, Ambassador Ocheger emphasized the potential for the Nigerian business community to benefit from the direct flights provided by Uganda Airlines.
The High Commissioner highlighted various sectors ripe for investment, including agro-processing, social services, mineral exploration, ICT, infrastructure development, and oil and gas. He stressed that Uganda has witnessed substantial socio-economic progress over the past three decades.
In his address at the Nigeria-Uganda Trade and Business forum in Lagos on Friday, Ambassador Ocheger stated, “Covid-19 interruption notwithstanding, Uganda is now one of the fastest-growing countries on the African continent. The country is peaceful, secure, stable, and has made noticeable advancements in social services, infrastructure, power supply, ICT development, agro-processing, market expansion, and industrialization.”
He further commended Uganda’s thriving economy, characterized by a liberalized and dynamic environment with sound monetary and fiscal policies. Uganda has experienced substantial growth in Foreign Direct Investment (FDI), with no barriers to repatriating profits in foreign currency. As of September 2023, the inflation rate is as low as 2.9%, the lowest in Eastern Africa, and the cost of doing business remains competitive.
Ambassador Ocheger also highlighted the recovery of Uganda’s tourism industry from the challenges posed by the pandemic, encouraging Nigerians to visit the national parks.
The CEO of Uganda Airlines, Ms. Jennifer Bamuturaki, expressed the significance of direct flights between Uganda and Nigeria, not only for business and tourism but also for cultural exchange. She emphasized the potential for collaboration in various sectors, from oil and gas to textiles and music.
Fred Byamukama, the State Minister for Trade, who led the Ugandan delegation, welcomed the introduction of direct flights between Entebbe and Nigeria, emphasizing the importance of enhancing intra-Africa trade. He cited low levels of intra-Africa trade, accounting for just 14.4% of total African exports, and the potential benefits of the African Free Continental Trade Area (AfCTA).
The expansion of direct air connections between the two countries was also discussed, with a focus on improving air cargo and passenger travel within Africa.
While some Nigerian business representatives attending the function expressed interest in investing and touring Uganda, they raised concerns about the ease of the visa application process.
Uganda Airlines inaugurated its direct flights to Lagos on October 19, significantly reducing travel time between the two nations. The route to Lagos marks the 13th destination for Uganda’s national carrier as it continues to expand its network.
The introduction of direct flights between Entebbe and Lagos follows coordinated efforts between the Ministries of Foreign Affairs of Uganda and Nigeria, as well as their respective Ministries of Works and Aviation, to review and guide the implementation of the Bilateral Air Services Agreement (BASA) between the two countries. These efforts align with the policy of Commercial and Economic Diplomacy, aiming to strengthen bilateral trade and investment.
The Bilateral Air Service Agreement fosters international commercial air transport services between Uganda and Nigeria. It emphasizes the importance of direct air connectivity to promote economic growth and development.
Statistics indicate that trade between Uganda and Nigeria reached $4.8 million, primarily involving the export of agricultural products, machinery, and chemical products. Efforts to enhance technical cooperation and collaboration between aviation institutions in both countries are ongoing, contributing to the development of air transportation in Africa.
