A Nigerian Trade and Investment delegation of 12 Business Executives led by Chief Mike Awunor has just completed a 4-day visit to explore trade and investment opportunities in Uganda.
According to the Uganda Investment Authority (UIA), the country’s investment promotion agency, Nigerian businessmen identified Uganda as a country of opportunities ahead of their mission.
During the recently-concluded 4-day visit, the agency noted that Uganda is land linked to South Sudan, Kenya, Tanzania Rwanda and Burundi, touting the regions as possible market destinations.
The Authority, which provides support, serviced land and advice to investors setting up shop in Uganda, noted that it takes a foreign investor a maximum of 4 days to get a special pass and a work from the country’s Directorate of Citizenship and Immigration Control (DCIC), a public service institution under the ministry of internal affairs responsible for managing migration to and from Uganda.
UIA officials were quick to point out however, that new government policies now allow applicants to receive their permits online via a State portal.
The Nigerian delegation is currently mulling investment opportunities in mining, agroprocessing and tourism, industries that were highlighted by Ugandan economists as well as the country’s Trade Ministry during the visit.
A recent report by the Observatory of Economic Complexity (OEC), the world’s leading visualization engine for trade data, Uganda is the 127th largest export economy in the world.
In 2015, the land-locked East African nation exported goods and services worth $2.31 billion and imported $5.52 billion of the same, resulting in a negative trade balance of $3.21 billion.
Uganda’s government has, nonetheless, expressed confidence in the country’s economy, having recently held multilateral talks with other African nations in a move to bolster regional trade.