President Yoweri Museveni has expressed optimism that Uganda’s economy will grow in the range of 9- 10 per cent when the country starts commercial production.
Speaking at Kololo ceremonial grounds after swearing in for the sixth elective term yesterday, Museveni said that with the activation of the oil sector, which has been dormant ever since 2006 when the country discovered the petroleum and if you add the expected average growth rate of 6 per cent the economy will be growing at the rate of between 9- 10 percent in the initial years of oil production.
Reflecting on how the economy has performed over the last 35 years he has been in power; Museveni said the economy has been growing at the rate of 6.2 per cent per annum.
President Museveni also used his inauguration ceremony to call for African federation and regional integration.
The president, who was speaking in front of 11 heads of state from Africa, noted that economic and, where possible, political integration in Africa, is essential and necessary for the success of Africa.
