Investor protection chief Nakalema, Nigerian high commissioner discuss bilateral co-operation

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State House Investors Protection Unit (SHIPU) chief Col Edith Nakalema has held fruitful discussions with the Nigerian High Commissioner to Uganda, John Shama Shaga.

During the meeting at SHIPU offices in Kampala, on August 4, 2025, Nakalema and her guest engaged in a wide-ranging discussion that focused on boosting investor protection, enhancing bilateral co-operation, as well as fostering a secure and enabling environment for Nigerian investors in Uganda.

Nakalema informed the commissioner that her unit, established by President Yoweri Museveni, is mandated to guide, safeguard and support individuals and organisations contributing to Uganda’s economic transformation.

State House Investors Protection Unit (SHIPU) chief Col Edith Nakalema. (Courtesy)

“President Museveni remains ever committed to fighting for national development. He established this unit to ensure that everyone adding value to Uganda is supported and protected,” Nakalema said, emphasising that their role is to provide investors with direct access to relevant government ministries, departments, and agencies, cutting through bureaucratic red tape and eliminating middlemen.

A key innovation driving this success was the launch of the Electronic Investors Protection Portal, a digital platform initiated by President Museveni to streamline investor-government engagements. Nakalema explained how this user-friendly portal can be accessed from anywhere in the world using a smartphone, making it easier for investors to seek guidance, report fraud, and receive prompt support.

“We have testimonies from Indian, Chinese, and Ugandan investors who have been helped. It’s a reliable and trusted platform,” she said.

Nigerian High Commissioner to Uganda, John Shama Shaga. (Courtesy)

Ambassador Shaga acknowledged Uganda’s strides in creating a favourable investment climate and emphasised Nigeria’s long-standing relationship with Uganda, dating back to Pan-African solidarity during the anti-colonial struggles.

“The trade relationship between our two countries has always been strong. From the fight against colonialism, Nigeria and Uganda have stood together,” he said.

Unique mandate

Recognising the significance of SHIPU, Shaga commended the unit’s unique mandate.

“With ‘protection’ in the name, it means a lot. Your organisation is putting mechanisms on the ground to ensure that investors are safeguarded,” he said, further citing existing frameworks like the Investment Protection and Promotion Agreement and the Economic Co-operation Agreement between the two countries as foundations upon which deeper engagement can be built.

He revealed that his mission has been actively collaborating with Uganda's Presidential Advisory Committee on Export and Investment Development (PACEID) and recently partnered with stakeholders to organise the Nigeria-Uganda Trade Dialogue. These efforts, he explained, are part of a broader strategy to position the two nations as strategic trade allies in Africa.

Gold industry interest

Shaga expressed growing Nigerian interest in Uganda’s gold industry, with several entrepreneurs exploring opportunities in gold refining. However, he also raised concerns about fraud, citing a case where a Nigerian investor lost $1 million to unscrupulous 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,” Shaga said.

The incident, he said, underscored the need for more robust investor protection and better information sharing between the two governments.

In response, Nakalema acknowledged the unfortunate occurrence and assured the Ambassador of the Government’s commitment to accountability and justice.

“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, reiterating President Museveni’s directive on curbing investor fraud and corruption.

Col Nakalema interacting with the Nigerian High Commissioner to Uganda.

Investor confidence

She further noted that Uganda has seen increased investor confidence over the past two years, largely due to efforts by SHIPU and the government’s anti-corruption measures.

“Over 3,000 investors, more than 2,000 of them foreign, have accessed services through our portal,” she revealed.

One of the most notable investments facilitated through the unit involves a foreign investor who has committed nearly $30 million in central Kampala properties, signalling the unit’s growing credibility and importance.

Nakalema was quick to highlight Uganda’s international accolades, citing prestigious rankings that underscore its emergence as a prime investment destination. She said for two consecutive years (2023 and 2024), Uganda was declared “Africa’s Best Investment Destination” by the Annual Investment Meeting in the UAE.

The 2024 report by the Oxford School of Economics also named Uganda the most rewarding and profitable economy worldwide 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 noted proudly.

Col Nakalema also shared data showing that 28 Nigerian companies are currently operating in Uganda, contributing about $1.6 million in annual Foreign Direct Investment.