Nairobi, Kenya – President Yoweri Kaguta Museveni has criticised the investment approach of Uganda’s National Social Security Fund (NSSF), arguing that the fund is not sufficiently supporting productive sectors of the economy.
Speaking at the Africa We Build Summit 2026 in Nairobi, President Museveni said the pension fund holds significant financial resources but largely channels them into government securities, limiting their impact on economic transformation.
“NSSF in Uganda has a lot of money, but they just invest in treasury bills, where the government borrows and eats the money,” President Museveni said.
His remarks highlight ongoing concerns about the role of institutional investors in financing long-term development projects, particularly infrastructure and industrialisation, which are key themes of the summit.
The President has previously emphasised the need for Uganda’s financial institutions to prioritise investments that generate value, create jobs, and support private sector growth, rather than focusing predominantly on low-risk government instruments.
The Africa We Build Summit 2026 has brought together African leaders, investors, and development partners to discuss practical strategies for accelerating infrastructure development and unlocking financing for large-scale projects across the continent.
President Museveni’s comments are likely to reignite debate on how Uganda’s pension savings can be better leveraged to drive economic growth while balancing the need for security and returns for contributors.
This story is based on remarks shared from the summit and may be updated as more details emerge.
