Uganda Closer To Becoming Oil-producing Nation

Uganda is moving closer to becoming an oil-producing nation with commercial production expected to begin next year. However, a new World Bank report says the countrys biggest opportunity does not lie in future oil revenues but in reforms to translate economic growth into jobs and development. The latest Uganda Economic Update says that stronger consumer spending and investment drove the economys 6.6 percent growth in the second half of last year. Ugandas Finance Ministrys Economic Affairs Director Moses Kaggwa says, We have looked at areas that will drive jobs, and that is agro-industrialisation, tourism development, mineral development, including oil and gas, and science, technology and innovation, including ICT and the creatives - we are focusing on that.