The World Bank has asked the government of Uganda to prepare all sectors of the economy in order to tap the gains that come with the growth of the Oil and gas industry.
The recommendations are entailed in a paper published by the Bank. The report aims at providing policy recommendations and strategies on key and priority initiatives to be taken by the government of Uganda in order to harness proceeds from oil and gas to benefit all sectors in the National Development Agenda.
The report emphasizes that sectors such as Agriculture, Manufacturing, Tourism and the service industry must be prepared by the state to meet the material requirements for the operations of the oil and gas to trigger growth.
However, the World Bank notes that extra care should be taken in the development of gas supplementary industries to maintain their economic strength even after the span of Oil.
“Authorities and businesses need to keep in mind that the high demand from O&G (Oil and Gas) industry will be very short lived” the report says.
The World Bank continues to notes that after the demand goes down, businesses which benefit from the opportunities from International Oil Companies (IOC) contracts will be expected to continue operating successfully, serving other industries in Uganda and abroad, and for this reason, they need to be competitive.
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