The UG Economic Forum, aired live on NBS Television, brought together thought leaders and policy experts to unpack Uganda’s mineral potential and its role in advancing national industrialization. Among the key speakers was Dr. Frank Mugyenyi, Board Chairman of the Minerals Africa Development Institution (MADI), who offered deep insights into how minerals can power Uganda’s economic transformation.
During the discussion on Mineral Development, Dr. Mugyenyi emphasized that Uganda already has the skills and capacity to explore and develop its mineral wealth. The real challenge, he noted, lies in attracting investment that focuses on value addition rather than simply meeting global demand. He underscored that minerals have the power to sustain and strengthen critical sectors such as agriculture, tourism, and manufacturing, if leveraged through strong forward and backward linkages.
Other panelists from the extractives industry pointed to financing constraints as a major bottleneck in the sector’s growth. Despite Uganda’s rich deposits of oil, gold, copper, and rare earths, they noted that long-term funding for exploration and infrastructure remains limited. While the Final Investment Decision (FID) in the oil and gas sector is expected to bring over US$15 billion, experts stressed that more investment is needed to unlock the sector’s full potential.
In alignment with MADI’s mission, Dr. Mugyenyi called for greater support for artisanal and small-scale miners (ASM), a transition toward green energy, and the creation of a financial ecosystem that can sustain the sector’s long development cycles.
Representing government’s position, Hon. Phiona Nyamutoro, State Minister for Mineral Development, reaffirmed Uganda’s commitment to value addition and environmentally responsible mining, noting that sustainable practices are key to realizing the country’s Vision 2040 goals.
The discussion, part of Next Media’s “Inform to Transform” initiative, served as a timely reminder that minerals are not just resources — they are strategic enablers of industrial and economic transformation.
