“While Uganda will become an oil producer in the years ahead, we see only a gradual return to the pre-COVID growth trend of c.6%. We now forecast growth of 5.1% in 2022 (6.0% prior) and 6.6% in 2023 (7.0%), when oil-related construction activity should gain momentum,” says Razia Khan, Chief Economist & Head of Research, Middle East & Africa, Standard Chartered Bank The Final Investment Decision (FID) was announced; first oil is expected in 2025, with an eventual ramp-up in production to 230kb/d. Land purchases related to oil developments are almost complete, and preliminary work on the East African Crude…
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