The Head of the State House Investors Protection Unit (SHIPU), Col.

Edith Nakalema, has today met and held fruitful discussions with the

Nigerian High Commissioner to Uganda, H.E. Ambassador John Shama

Shaga.

During the meeting at SHIPU offices in Kampala, Col. Nakalema and her

guest engaged in a wide-ranging discussion that focused on boosting

investor protection, enhancing bilateral cooperation as well as fostering

a secure and enabling environment for Nigerian investors in Uganda.

Col. Nakalema informed the Ambassador that her unit, established by

President Yoweri Kaguta Museveni, is mandated to guide, safeguard,

and support individuals and organizations contributing to Uganda’s

economic transformation.

“President Museveni, though retired, remains ever committed to fighting

for national development. He established this unit to ensure that

everyone adding value to Uganda is supported and protected,” Col.

Nakalema noted, emphasizing that their role is to provide investors with

direct access to relevant government ministries, departments, and

agencies, cutting through bureaucratic red tape and eliminating

middlemen.

A key innovation driving this success was the launch of the Electronic

Investors Protection Portal, a digital platform initiated by President

Museveni to streamline investor-government engagements. Col.

Nakalema explained how this user-friendly portal can be accessed from

anywhere in the world using a smartphone, making it easier for investors

to seek guidance, report fraud, and receive prompt support.

“We have testimonies from Indian, Chinese, and Ugandan investors who

have been helped. It’s a reliable and trusted platform,” she said.

Ambassador Shaga acknowledged Uganda’s strides in creating a

favorable investment climate and emphasized Nigeria’s long-standing

relationship with Uganda, dating back to Pan-African solidarity during the

anti-colonial struggles.

“The trade relationship between our two countries has always been

strong. From the fight against colonialism, Nigeria and Uganda have

stood together,” he said.

Recognizing the significance of SHIPU, Ambassador Shaga

commended the unit’s unique mandate.

“With ‘protection’ in the name, it means a lot. Your organization is putting

mechanisms on the ground to ensure that investors are safeguarded,”

he said, further citing existing frameworks like the Investment Protection

and Promotion Agreement and the Economic Cooperation Agreement

between the two countries as foundations upon which deeper

engagement can be built.

The Ambassador revealed that his mission has been actively

collaborating with Uganda's Presidential Advisory Committee on Export

and Investment Development (PACEID) and recently partnered with

stakeholders to organize the Nigeria-Uganda Trade Dialogue. These

efforts, he explained, are part of a broader strategy to position the two

nations as strategic trade allies in Africa.

Ambassador Shaga expressed growing Nigerian interest in Uganda’s

gold industry, with several entrepreneurs exploring opportunities in gold

refining. However, he also raised concerns about fraud, citing a case

where a Nigerian investor lost $1 million to unscrupulous dealers in

Uganda.

“My former president, Olusegun Obasanjo, was in Kampala. During his

visit, a Nigerian investor came to me and complained that he had been

defrauded of $1 million,” Ambassador Shaga recounted. The incident, he

said, underscored the need for more robust investor protection and

better information sharing between the two governments.

In response, Col. Nakalema acknowledged the unfortunate occurrence

and assured the Ambassador of the Ugandan government’s commitment

to accountability and justice.

“The scandal should not discourage other Nigerian investors.

Investigations are ongoing, and we are following up with the Criminal

Investigations Directorate and other relevant agencies,” she said,

reiterating President Museveni’s directive on curbing investor fraud and

corruption.

She further noted that Uganda has seen increased investor confidence

over the past two years, largely due to efforts by SHIPU and the

government’s anti-corruption measures.

“Over 3,000 investors, more than 2,000 of them foreign, have accessed

services through our portal,” she revealed.

One of the most notable investments facilitated through the unit involves

a foreign investor who has committed nearly $30 million in central

Kampala properties, signaling the unit’s growing credibility and

importance.

Col. Nakalema was quick to highlight Uganda’s international accolades,

citing prestigious rankings that underscore its emergence as a prime

investment destination. She said for two consecutive years (2023 and

2024), Uganda was declared “Africa’s Best Investment Destination” by

the Annual Investment Meeting in the UAE. The 2024 report by the

Oxford School of Economics also named Uganda the most rewarding

and profitable economy worldwide for investors.

“Over $46 billion has flowed into Uganda through new and expanding

investments, creating over 1.2 million jobs in just two years,” she noted

proudly.

Col. Nakalema also shared data showing that 28 Nigerian companies

are currently operating in Uganda, contributing about $1.6 million in

annual Foreign Direct Investment (FDI).