Uganda’s Big Shift To Oil—Can It Work?

With the help of sizable new flows of foreign direct investments (FDI), Uganda’s government is pushing to join “middle income” standing by 2040. Success depends upon tapping the 6.5 billion barrels (Bbbl) of crude oil which sits within Uganda’s Lake Albert Basin.

However, the track-record of other developing nations productively using their natural resource wealth is not encouraging. They’ve struggled with inflationary pressures, unsustainable subsidies and tax incentives that bleed national budgets. In addition, high levels of corruption are always a challenge.