The government is advised to invest more in local businesses instead of relying heavily on foreign investors.
This came on the heels of the exit of major brands from Uganda, including ride-hailing company Uber, which economic analysts view as a sign that the economy is “shrinking” and needs deliberate measures to strengthen local enterprises.
Speaking to KFM/Dembe FM, the Chief Executive Officer of Tufic Business Market Cuthbert Isingoma, urges the government to direct more funding towards Ugandan businesses to enable them expand and create jobs.
He said strengthening local firms would help keep wealth within the country and reduce dependence on foreign capital.
“NSSF got money from employers and employees in Uganda. Why are they investing it in other entities where they did not get it from?” he asked.
Global ride-hailing pioneer Uber officially wrapped up its operations in Uganda, ending its 12 years of operations in the country’s urban transport sector, a move that has also left many Ugandans without a job.
In a statement sent to users and local partners on Wednesday, September 2, 2026, the San Francisco-based tech firm revealed that the exit takes effect immediately following an extensive review of its business priorities across Sub-Saharan Africa.
“We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Uganda, effective September 2, 20226”, the company stated in an official notice to users.
“Since we first launched in Kampala in 2016, it has been an absolute privilege to be a part of your daily life, connecting you with independent transportation providers”, the company added in a statement.
