At the 14th UK-Africa Trade Summit held in London, Dr. Peter Ntephe, CEO of ERHC Energy, shared his insights on Uganda’s energy sector and emphasized the need for the country to streamline its approval process to attract more foreign direct investment (FDI).
Speaking as one of the panelists, Dr. Ntephe drew from his experience in oil and gas exploration across Africa and highlighted the vast opportunities in Uganda’s energy and infrastructure sectors. ERHC Energy, known for its successful oil drilling operations in Kenya, has been a certified foreign investor in East Africa for over a decade.
During the panel discussion, Dr. Ntephe acknowledged the progress made by Uganda in recent years but stressed that more needs to be done to entice private investors. “The approval process in Kenya ten, 15 years ago when we went there was smoother than in many parts of Africa within, and that was very impressive for us,” he said. “But I will say to you, Madam Minister, we still need to do more. The private investor wants more from East Africa.”
Dr. Ntephe emphasized the need for a “tsunami of foreign investment” into Africa and urged Uganda to reduce its approval process timeline from six months to a maximum of 30 days. “I noted in particular where you mentioned it takes six months. Please, please, Madam Minister, we need it to take 30 days maximum. We need it to take 30 days. Six months is still too much. It’s quick, but it’s still too much,” he stated.
The ERHC Energy CEO’s remarks come at a time when Uganda is actively seeking to attract foreign investment in its energy and mineral sectors. The country has made significant strides in recent years, with the government implementing various reforms to create a more investor-friendly environment.
Ntephe’s call for an accelerated approval process is expected to resonate with other foreign investors who are keen on tapping into Uganda’s vast potential but may be deterred by lengthy bureaucratic procedures.
As the summit concluded, Ntephe expressed his willingness to engage in further discussions with the Ugandan minister to explore the opportunities available in the country’s energy sector. The minister, in turn, acknowledged the importance of addressing the concerns raised by foreign investors and committed to working towards creating a more streamlined and efficient approval process.