The government has tasked the National Social Security Fund (NSSF) with playing a bigger role in financing Uganda’s ambitious Tenfold Growth Strategy by mobilising long-term domestic capital for strategic investments.
The call was made by Finance Minister Henry Musasizi during a meeting with the NSSF Board of Directors and management in Kampala on Tuesday to review the Fund’s performance, operations and contribution to the country’s long-term economic transformation agenda.
The NSSF delegation was led by Board Chairperson Dr. David Ogong and Managing Director Patrick Ayota.
Musasizi commended the Fund for growing its assets from Shs26 trillion in June 2025 to Shs32.8 trillion by June 2026, describing the growth as a strong foundation for supporting Uganda’s development priorities.
“The Fund should continue prioritising the safety of workers’ savings but with a change in investment strategy,” Musasizi said.
He added that “NSSF can mobilise and provide patient domestic capital required to implement Uganda’s Tenfold Growth Strategy,” noting that long-term financing is critical for investments that drive industrialisation, infrastructure development and economic transformation.
NSSF Managing Director Patrick Ayota said the Fund remains financially strong and continues to enjoy high confidence among its members.
According to Ayota, member satisfaction has remained at 95%, while the Fund has set an ambitious target of growing its assets to Shs80 trillion by 2035.
“NSSF is ready to partner with government in the transformation agenda with focus on protecting member value, growing enterprises, jobs, formalisation and mobilising long-term domestic capital,” he said.
Board Chairperson Dr. David Ogong said the Fund has already aligned part of its investment portfolio with the government’s economic transformation priorities.
He noted that NSSF is investing in agro-processing, tourism, mineral-based development, and science, technology and innovation, sectors identified as key drivers of Uganda’s Tenfold Growth Strategy.
However, the NSSF leadership emphasised that government must create a bankable investment environment to enable the Fund to invest members’ savings while delivering competitive returns.
Minister of State for Planning Amos Lugoloobi echoed the call, saying Uganda should strengthen the investment ecosystem to unlock more productive use of long-term domestic savings.
“The Fund is well protected by the law and should leverage the available resources to grow the economy,” Lugoloobi said.
The meeting was also attended by Minister of State for Privatisation and Investment Aminah Mukalazi and Minister of State for General Duties Ciccy Mulondo, as government continues to position domestic institutional investors as key financiers of Uganda’s long-term development agenda.
