Uganda aims to build a $500 billion economy by 2040 through construction
By the AFREEQUE newsroom, based on Nile Post
The Ugandan government is betting on the construction sector to raise the economy to $500 billion by 2040, Minister of State for Finance Henry Musasizi said at the 2026 National Competitiveness Forum in Kampala. He called for investment in infrastructure, affordable financing and the capacity of local contractors, according to Nile Post.
The Ugandan government has identified construction as a central driver of its ambition to build a $500 billion economy by 2040, Minister of State for Finance, Planning and Economic Development (General Duties) Henry Musasizi said at the 2026 National Competitiveness Forum at the Mestil Hotel in Kampala, according to the Nile Post.
According to the minister, construction supports growth in agriculture, tourism, manufacturing, mining, technology and housing. Agro-food industrialisation requires processing plants, warehouses and cold chains, tourism depends on reliable roads and hotels, while mining and technology need serviced industrial sites and reliable utilities.
The government wants to focus its efforts on three priorities. The first is improving the regulatory framework, with local authorities, to strengthen physical planning, simplify building permits and enforce building standards, with developers needing to know clearly the requirements, costs and approval timescales. The second concerns strengthening the capacity of Ugandan contractors, through training, access to equipment and business management, as well as support for innovations making local building materials more competitive. The third aims to widen access to affordable, long-term financing for housing and construction.
Henry Musasizi cited a housing deficit estimated at 2.4 million units in Uganda, whose reduction will require more private investment and financing arrangements accessible to developers and households alike. The ministry will support the gradual capitalisation of sector players, he added.
The announcement is part of a series of Ugandan initiatives to boost investment and trade, such as the promise of 15 to 25% returns to Thai investors on 12 October, and the Ugandan Parliament's efforts to increase coffee exports to Russia.
