Uganda’s economy grew by 8.5% in the quarter ended December, up from 5.4% in the same period a year earlier, supported by strong consumer demand and increased activity in construction and other sectors, according to the finance ministry, as reported by Reuters.
In a post on the X platform late Tuesday, the ministry also stated that construction of a $5 billion pipeline intended to support Uganda’s crude oil exports has reached 80% completion.
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The 1,443-kilometer (897-mile) East African Crude Oil Pipeline (EACOP) will run from oil fields in western Uganda to the port of Tanga Port on the Indian Ocean coast in Tanzania.
Following a long delay, the East African nation expects to begin commercial oil production in the second half of this year from fields operated by TotalEnergies and CNOOC.
The ministry further said the government projects oil export revenues of 2.2 trillion Ugandan shillings ($587.04 million) in the 2026/2027 financial year (July–June).
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Image Credit: Bloomberg
