Uganda will start operations at its $4 billion oil refinery between late 2029 and early 2030. The 60,000-barrel-per-day facility in Kabaale, Hoima District, will be jointly financed by Uganda National Oil Company (40%) and UAE-based Alpha MBM Investments (60%). The project will include petrochemical and gas processing units. Supporting infrastructure is already planned. The refinery aims to boost exports to East African markets.

The Bank of Uganda spent Shs 193.76 billion on new banknotes in FY 2024/25, raising currency in circulation to Shs 8.98 trillion, up Shs 771 billion from the previous year. Banknotes rose by Shs 763 billion, coins by Shs 9 billion. The net increase reflects higher withdrawals than deposits, supported by interbank collaboration and currency recycling. BoU expects continued strong cash demand despite the growth of digital payments.

Uganda and Russia reinforced their partnership at the Third Uganda-Russia Intergovernmental Commission in Kampala, focusing on trade, investment, science, technology, education, agriculture, energy, health, and defense. Both sides pledged to turn dialogue into action, expand bilateral trade, and enhance technological cooperation. Since joining BRICS in January 2025, Uganda has increased access to the New Development Bank, supporting infrastructure, trade, and innovation projects with Russia and other emerging markets.

Ugandan manufacturers called for reforms to boost productivity at the UMA International Trade Fair in Lugogo. Leaders highlighted high lending rates, poor infrastructure, regional trade barriers, and lack of export insurance as major obstacles. President Museveni praised the sector’s contribution of 6.5 million jobs and Shs11.6 trillion in taxes. The fair, running October 2–12, showcased SMEs, promoted Made-in-Uganda products, and emphasized innovation, skills development, and direct producer-consumer engagement.