The Africa Development Bank has warned it is “a race with time” for Uganda to begin pumping its oil out of the ground or risk future losses.
Dr. Edward Sennoga, Second Lead Economist for the Africa Development Bank’s East African office who was one of the speakers at the launch of the Bank’s Uganda Country Focus Report 2023 at Hotel Africa in Kampala, said there is an opportunity for Uganda to earn from its newly found oil but time was running out.
The warning by Dr. Sennoga and other experts is based on the fear that the global transition to low-carbon economies or the energy transition could affect the demand for oil globally. Dr. Sennoga speaking……
According to the country focus report by the African Development Bank like some experts have indicated that Uganda should have begun pumping its oil before 2030 or 2040 when the world shifts to electric vehicles. END