This constitutes about 8% of the country’s total national imports and represents slightly above 20% of the country’s total export earnings. Local production of oil will play a major role in reducing government spend on petroleum imports.
Oil production in Uganda will be the key driver for headline growth in the country for many years to come. The oil sector is expected to become the largest contributor to the Government revenue once production of oil commences. With the increasing average annual growth of petroleum consumption, there is no doubt that the discovery of signiﬁcant oil reserves in Uganda is the key driver to economic growth and transforming Uganda into a middle income country by 2030.