The State House Investors Protection Unit (SHIPU) has reaffirmed Uganda’s commitment to creating a secure and investor-friendly environment, following a high-level meeting between SHIPU Head, Col. Edith Nakalema, and Nigerian High Commissioner to Uganda, John Shama Shaga.
Held at SHIPU headquarters in Kampala on August 4, the meeting focused on investor protection, trade cooperation, and enhanced bilateral relations between Uganda and Nigeria.
Col. Nakalema said SHIPU was established by President Yoweri Museveni to provide direct support to both local and foreign investors. She emphasized the unit’s role in cutting bureaucratic delays and eliminating corruption by linking investors directly to relevant government bodies.
“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,” said Col. Nakalema.
She introduced the Electronic Investors Protection Portal, a user-friendly digital platform that allows investors to report issues, seek guidance, and get 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 praised Uganda’s investor-friendly reforms and reaffirmed Nigeria’s historical solidarity with Uganda dating back to the anti-colonial era.
“The trade relationship between our two countries has always been strong. From the fight against colonialism, Nigeria and Uganda have stood together,” he said.
Shaga commended SHIPU’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.
He further cited existing frameworks such as the Investment Protection and Promotion Agreement and the Economic Cooperation Agreement as key instruments for bilateral trade development. The Ambassador also revealed that his mission is working with Uganda’s Presidential Advisory Committee on Export and Investment Development (PACEID), including efforts like the Nigeria-Uganda Trade Dialogue.
However, Ambassador Shaga raised concerns over fraud targeting Nigerian investors. He cited a recent case in which a Nigerian investor lost $1 million to fake gold 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,” he noted.
In response, Col. Nakalema said investigations are underway, and justice will be served.
“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.
She added that investor confidence has grown, with over 3,000 investors — including more than 2,000 foreigners — using SHIPU’s services. One foreign investor recently committed $30 million to property acquisitions in central Kampala, she noted.
Uganda’s international investment reputation has also grown. Col. Nakalema said Uganda was named “Africa’s Best Investment Destination” in 2023 and 2024 by the Annual Investment Meeting in the UAE, and was recognized by the Oxford School of Economics in 2024 as the most profitable economy 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 said.
Currently, 28 Nigerian companies operate in Uganda, contributing $1.6 million in annual Foreign Direct Investment (FDI).