Oil to make Uganda a middle income country

In spite of the many opportunities and risks in the oil and gas sector, Uganda has the opportunity to become a low middle income country in 15 years if the oil reserves are well distributed.
By joining the middle low level, Uganda will be riding on the footsteps of countries like Botswana.
Stuart Kerr, the Director Legal and Regulatory Millennium Challenge Corporation (MCC), a US Government foreign aid agency, says while many countries that discover oil do not develop, there was no need for Uganda to follow the footsteps of countries where revenues are stolen.
“The world is looking at Uganda with a strong hope that the oil revenues will power Uganda into the future,” says Kerr.
Kerr, a former Executive Director of the International Law Institute (ILI), a 55 year old NGO with branches in several countries, was on August 26 speaking at a cocktail party organised for him by ILI.
“It is very easy to administer things poorly; it’s very hard to administer them well. Think about Nigeria where most of the oil revenues were stolen. This is a real critical moment and wonderful opportunity for the country and people of Uganda,” Kerr said.
Kerr argues that for Uganda to develop, legal structures have to clearly put in place.
“Mature legal structures will be more important for development. Physical infrastructure is very important, but without legal infrastructure it is a disadvantage,” Kerr further said.
Speaking at the ceremony, the ILI Sub-Regional Executive Director, Mr Swithin Munyantwali, said since its establishment in 1997, ILI-African Centre for Legal Excellence (ACLE) has become the primary provider of legal infrastructure development.
“There tends to be an imbalanced focus on the development of physical infrastructure at the expense of legal infrastructure. But without a solid functioning legal infrastructure, you will not have meaningful economic development,” Munyantwali said.
“:Investors on this harsh economic times will simply not make Uganda their investment home if needed legal protection do not exist”
Munyantwali in close to one and a half decade of its existence, ILI has expanded its reach and implemented law reform projects in over 35 countries in Africa partnering with key bilateral and multilateral donors    ILI serves countries through training, research, publishing and technical assistance.
MCC provides grants of several hundred million dollars per country to a small number of developing countries that perform better than their peers in governance, investing in people and economic freedom.
Created by the US Congress in 2004 with strong bipartisan support, MCC is an innovative and independent agency helping lead the fight against global poverty. It is also changing the conversation on how best to deliver smart US foreign aid by focusing on good policies, country ownership and results.

Post a comment or leave a trackback: Trackback URL.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: