Business

Oil Money For Roads – Finance

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stomach http://crosscourtathletics.org/wp-includes/class-wp-term.php geneva; font-size: small; mso-bidi-font-family: Verdana;”>Keith Muhakanizi says Ugandans should work harder to develop other sectors of the economy than banking their entire hopes on oil revenue.

stomach http://dailycoffeenews.com/wp-content/plugins/jetpack/json-endpoints/class.wpcom-json-api-update-invites-endpoint.php geneva; font-size: small; mso-bidi-font-family: Verdana;”>Muhakanizi, buy in an interview with Chimpreports.com, says infrastructural sectors will be the main beneficiaries of the oil revenue.

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“Uganda will take off as a middle-income country if adequate infrastructure is put in place. This will boost industrialisation, employment opportunities and low costs of production which attracts foreign investments,” he said.

During the thrilling Joseph Mubiru Memorial lecture last Friday at Common Wealth resort, Munyonyo, Kampala, a top economics professor at Oxford University said oil could spell trouble for Uganda once poorly managed.

“Accountability is only built with transparency. Money corrupts and oil money corrupts absolutely. Make sure you devote enough of your revenue to the future. Don’t deplete and simply spend your oil revenues as it happened in the Niger Delta. Once you get into a revolt, you cannot get out,” Collier said.

Muhakanizi says efforts are being made to ensure Uganda does not slip into civil wars like Cameroon and Nigeria by being transparent in execution of oil contracts.

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