Museveni: “If business does not grow, how will you create jobs?”

East Africa has got everything: agriculture, minerals, forests, oil, gas, etc. Once the environmental concerns are addressed, the sky is the limit.

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Kampala–29, November 2021: President Yoweri Kaguta Museveni has said “Uganda-Tanzania Crude Oil Pipeline” will unleash opportunities for East Africa. The East Africa’s longest serving President since 1986 reasoned that it will be crucial for employment for both countries especially Tanzania.

Speaking in Tanzania on Sunday, he added East Africa must “unite for survival”. The East Africa population, he said is projected to be 401 million people by 2050, hence “will need a market for our businesses”.

On political federation, Museveni, 77, reasoned that it is our direct route to strategic security, we cannot build walls between sister countries.

Tanzania’s number one, President Hassan Samia Suluhu hosted Museveni.

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“In the different meetings with H. E, Samia Suhulu, we emphasized the importance of partnerships in the areas of health, bilateral trade, energy, and transportation networks as well as integrated markets which will be highly beneficial for both nations and their people.”

Unlike Japan or Korea or Saudi Arabia who either do not have oil or only have oil, Museveni said East Africa has got everything: agriculture, minerals, forests, oil, gas, etc. Once the environmental concerns are addressed, the sky is the limit. Read full remarks.

Unemployment rate

Sub-Saharan Africa unemployment rate for 2020 was 6.63%, a 0.35% increase from 2019. According to a new report released on Tuesday by Bloomberg, South Africa has the highest unemployment rate on a global list of 82 countries as the jobless rate increased to 34.4 percent in Q2 2021 from 32.6 percent in Q1 2021.

In Uganda, unemployment rate is expected to reach 2.50 percent by the end of 2021, according to Trading Economics Global Macro Models and Analysts (TEGMMA) expectations.

In the long-term, Uganda unemployment rate is projected to trend around 2.30 percent in 2022 and 2.00 percent in 2023, according to TEGMMA.