The head of the State House Investors Protection Unit (SHIPU), Col. Edith Nakalema, held productive discussions with the Nigerian High Commissioner to Uganda, John Shama Shaga, during a meeting at SHIPU headquarters in Kampala on August 4, 2025.
The meeting covered a wide range of issues aimed at strengthening investor protection, deepening bilateral cooperation, and creating a more secure and supportive environment for Nigerian investors operating in Uganda.
Col Nakalema emphasized that SHIPU, a unit established by President Yoweri Museveni, is dedicated to guiding, supporting, and safeguarding individuals and organizations contributing to Uganda’s economic development.
“President Museveni remains fully committed to driving national development,” she said. “This unit was created to ensure that anyone adding value to Uganda’s economy is protected and supported.”
She highlighted SHIPU’s role in giving investors direct access to government ministries, departments, and agencies—cutting through bureaucracy and eliminating unnecessary intermediaries.
A major breakthrough in this effort has been the launch of the Electronic Investors Protection Portal, a digital platform developed under President Museveni’s directive to enhance investor-government engagement. Nakalema described the portal as user-friendly and globally accessible via smartphone, allowing investors to report fraud, request assistance, and receive real-time guidance.
“We’ve helped investors from India, China, and Uganda. It’s a trusted and effective platform,” she noted.
Strengthening Uganda–Nigeria Ties
Ambassador Shaga commended Uganda’s progress in creating an investor-friendly climate and acknowledged the historical bond between the two nations, rooted in Pan-African solidarity during the fight against colonialism.
“Our trade relations have always been strong. From the anti-colonial era to today, Nigeria and Uganda have stood side by side,” Shaga said.
He praised SHIPU’s unique mandate and its focus on safeguarding investors, noting the significance of the word “protection” in the unit’s name.
“You’re putting systems in place to make sure investors are not left vulnerable,” he added, while referencing key bilateral frameworks like the Investment Protection and Promotion Agreement and the Economic Co-operation Agreement as platforms for deeper collaboration.
Shaga also revealed that the Nigerian High Commission has been working closely with Uganda’s Presidential Advisory Committee on Export and Investment Development (PACEID) and recently co-organised the Nigeria-Uganda Trade Dialogue, aimed at positioning the two countries as strategic trade partners in Africa.
Interest in Gold Industry and Investor Challenges
The envoy expressed growing interest among Nigerian entrepreneurs in Uganda’s gold industry, especially in refining. However, he raised concern over fraudulent practices, referencing a case in which a Nigerian investor reportedly lost $1 million to con artists in Kampala.
“Former President Olusegun Obasanjo visited Kampala and, during his stay, I was approached by a Nigerian investor who had been defrauded of a million dollars,” he said, calling for stronger protective mechanisms and better intergovernmental coordination.
Col Nakalema regretted the incident and reassured the Ambassador of Uganda’s resolve to uphold accountability.
“Investigations are ongoing in collaboration with the Criminal Investigations Directorate and other agencies,” she affirmed. “This unfortunate event should not deter other Nigerian investors. The Government remains committed to fighting fraud and ensuring justice.”
Boost in Investor Confidence
Nakalema highlighted the growing confidence among investors, attributing the progress to SHIPU’s initiatives and the Government’s anti-corruption stance. She disclosed that over 3,000 investors, including more than 2,000 foreign investors, have accessed SHIPU services via the portal.
One notable success involves a foreign investor committing nearly $30 million in real estate projects in central Kampala—an example of the trust SHIPU continues to build.
She also pointed to Uganda’s international recognition, noting that the country was named “Africa’s Best Investment Destination” for two consecutive years (2023 and 2024) by the Annual Investment Meeting in the UAE.
Additionally, a 2024 report by the Oxford School of Economics ranked Uganda as the most profitable economy globally for investors.
“In just two years, Uganda has attracted over $46 billion in new and expanded investments, creating more than 1.2 million jobs,” Nakalema proudly stated.
She further revealed that 28 Nigerian companies are currently operating in Uganda, contributing an estimated $1.6 million annually in Foreign Direct Investment.
