Uganda's Extractive Sector Revenues Are Climbing, But the Real Test Is Still Ahead
Uganda's fifth Extractive Industries Transparency Initiative report, launched in Kampala in late September, shows the country's extractive-sector revenues rose 25.1 percent to Shs663.24 billion, up from Shs530.17 billion the year before. It is worth being precise about what that figure actually measures. The data covers the 2023/24 financial year, a period in which Uganda had not yet pumped a…
Uganda's extractive sector revenues have seen a significant increase, with the fifth Extractive Industries Transparency Initiative report indicating a 25.1 percent rise to Shs663.24 billion in 2023/24, up from Shs530.17 billion in the previous year. This growth is primarily driven by exploration, licensing fees, mining royalties, and field-development activities, rather than the actual production revenue from oil, which has yet to begin.
This growth signifies that Uganda's extractive economy is expanding before the much-anticipated oil era officially starts.
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