Investor protection, gold dreams, and pan-African solidarity collide as Nigeria steps up its economic diplomacy in Uganda.
In a meeting rich with symbolism and substance, Col. Edith Nakalema, Head of Uganda’s State House Investors Protection Unit (SHIPU), hosted Nigeria’s High Commissioner to Uganda, H.E. Ambassador John Shama Shaga, in what could easily be described as a high-level handshake between history and opportunity.
But beyond the pleasantries and protocol was a hard-hitting reality: Nigeria wants in on Uganda’s gold and it wants assurance that its investors won’t be burnt in the process.
Uganda’s Golden Glow
Uganda’s shine on the continental investment map has become impossible to ignore. With accolades pouring in from being crowned “Africa’s Best Investment Destination” two years in a row at the Annual Investment Meeting in the UAE, to topping the Oxford School of Economics’ 2024 list as the most profitable place to invest globally—the country has clearly shifted from potential to performance.
And gold? Well, that’s the crown jewel.
Over $46 billion in new and expanding investments, over 1.2 million new jobs, and rising investor confidence are signals that Uganda is more than just open for business, it’s actively building trust. Among the 3,000+ investors who’ve now used SHIPU’s new Electronic Investors Protection Portal are Nigerians with an eye on the glint beneath Uganda’s red soil.
But First, Protection
Ambassador Shaga didn’t mince his words. Nigeria’s keen interest in Uganda’s gold refining industry is heating up, but caution flags are flying especially after a Nigerian investor reportedly lost $1 million to fraudsters operating within Uganda.
“Protection is not just a word in your title, it’s a necessity for confidence,” Ambassador Shaga emphasized, applauding SHIPU’s unique mandate while calling for stronger systems to prevent such fraud. He also confirmed collaboration with Uganda’s Presidential Advisory Committee on Export and Investment Development (PACEID) and praised the momentum of the Nigeria-Uganda Trade Dialogue.
Col. Nakalema, not one to shy away from tough conversations, assured the Ambassador that justice is underway. “We are actively following up with the Criminal Investigations Directorate,” she said. “One rotten apple should not spoil the harvest.”
Her resolve was clear: Uganda will not tolerate investor abuse. SHIPU’s job is to cut through bureaucracy, eliminate predatory middlemen, and connect real investors to real opportunities.
A Brotherhood Forged in Gold and Grit
The conversation was not just about contracts and commerce. Both parties were quick to remind each other of the deeper ties that bind Uganda and Nigeria, from Pan-African solidarity in anti-colonial struggles to shared aspirations in modern-day prosperity.
“From the days of fighting colonialism, our countries have stood shoulder to shoulder,” noted Ambassador Shaga. Now, it seems, they aim to stand wallet-to-wallet too.
Nigeria’s Growing Footprint
With 28 Nigerian companies already operating in Uganda and contributing over $1.6 million in annual FDI, the West African giant is no stranger to Uganda’s market. But gold, quite literally, presents a glittering new frontier.
Already, high-value investments like a recent $30 million property acquisition in central Kampala signal that SHIPU is more than a gatekeeper, it’s a catalyst for transformative partnerships.
If Uganda is the pie, Nigeria wants a generous slice, especially of the golden variety. But this isn’t just about mineral wealth. It’s about building an ecosystem where African nations invest in each other, protect each other’s interests, and grow together.
As Uganda polishes its reputation and Nigeria positions its investors, one thing is clear: the future of intra-African investment is not just promising, it’s shining.
