Museveni Pushes Industrialisation and Skills Reform in Swearing-in Speech

President Yoweri Kaguta Museveni attended his swearing-in ceremony at Kololo Ceremonial Grounds in Kampala on 12 May 2026 and used the occasion to set out a post-election economic agenda centred on industrialisation, value addition and skills development.

Speaking at the event, Museveni stated that Uganda and Africa cannot achieve prosperity while exporting raw materials and importing finished products. He described the export of raw materials as a strategic blunder that weakens African economies.

9 percent purity yields US$168,000 while exporting unprocessed gold yields around US$60,000. Museveni said Uganda's future economic growth depends on expanding manufacturing, commercial agriculture, ICT and services. He highlighted Uganda's ongoing investments in vaccines, pharmaceuticals, electronics and automobile manufacturing.

The long-term goal, he said, is to shift more citizens from subsistence agriculture into manufacturing, ICT and services. The president pointed to locally manufactured electric buses developed by Kiira Motors Corporation. "Those are buses now produced by your own people from zero, totally designed and produced," Museveni said.

"There is a cry about petrol in the world. " He noted that the National Resistance Movement government had delivered peace, infrastructure and basic public services. Yet true economic transformation requires households to actively participate in wealth creation as individuals, families or companies, Museveni stated.

Museveni credited Operation Wealth Creation and the Parish Development Model for increasing household participation in the money economy. Participation of Ugandan households in the money economy grew from 32 percent in 2013 to 67 percent today. He argued that expanding economic participation would generate sufficient employment opportunities for both Ugandans and refugees.