Summary:
- Minister Musasizi highlighted Uganda’s opportunity to learn from the experience of Bola Onadele Koko, CEO of FMDQ Group, who led the transformation of Nigeria’s capital markets.
KAMPALA: The Minister of State for General Duties, Henry Musasizi Ariganyira, has emphasized the transformative potential of capital markets in mobilizing both short-term and long-term financing across all sectors of the economy.
Speaking at the Capital Markets Economic Development Forum held on Wednesday at Serena Hotel, Kampala, Minister Musasizi noted that Uganda’s capital markets remain relatively small, contributing only about 7% to the country’s Gross Domestic Product (GDP).
“This indicates the existence of gaps that need to be addressed to enable capital markets to play a significant role as a complementary source of long-term patient capital,” he remarked.
Musasizi highlighted Uganda’s opportunity to learn from the experience of Bola Onadele Koko, CEO of FMDQ Group, who led the transformation of Nigeria’s capital markets. He also reiterated the government’s commitment to creating a conducive business environment to support economic growth.
Josephine Okui Ossiya, the Chief Executive Officer of the Capital Markets Authority, described the forum as a testament to a shared vision of leveraging financial markets to achieve Uganda’s development goals.
Under the theme, “Capital Markets for Economic Development: A Complementary Platform for Funding the Government of Uganda’s Tenfold Growth Strategy,” the forum emphasized the critical role of capital markets in driving innovation, fostering job creation, and raising long-term capital.
“Capital markets are the lifeblood of any thriving economy. For Uganda, they offer a pathway to unlock funding opportunities across sectors central to the tenfold growth strategy, including agriculture, tourism, manufacturing, and technology (ATMs),” Ossiya said.
