Ugandans invited to buy shares in Kiira Motors

The Government is exploring alternative commercialisation strategies for major indigenous projects, including listing government-funded initiatives on the stock exchange.

The cabinet on Monday reportedly discussed at length, stock buying, as a viable capitalisation channel for key indigenous companies such as Kiira Motors.

This was revealed by President Yoweri Museveni  during the launch of the NRM 2026/31 manifesto.

He said this was meant to ensure these strategic assets are domestically owned and capitalised by the Ugandan public. 

As such, the President confirmed the plan is for Ugandans to be invited to buy shares in these enterprises.

From Government Funding to Public Ownership

Kiira Motors, which produces automobiles designed by Ugandan scientists and engineers, represents the heart of the country’s knowledge economy, according to President Museveni.

He stated that the government has already invested $120 million into the project. However, the factory needs an additional $143 million to reach full operational capacity, allowing it to produce an estimated 10,000 vehicles annually. This funding gap is the reason for the appeal to the public.

“We were discussing in the cabinet, and saying that once the product is put forward, why don’t the people of Uganda come and buy shares in that factory so that they also own it, but also contribute to its capital; because now all the capital is coming from the government.”

The Appeal to the Private Sector

Museveni invited the domestic private sector to invest heavily in the Kiira Motors plant and other initiatives pioneered by Ugandan scientists.

He noted that while the government successfully funds the initial research and development (R&D) phase, the public should step in to drive the subsequent commercialisation. 

This, he said, would ensure local enterprises remain firmly in Ugandan hands, protecting them from potentially predatory foreign acquisitions that might compromise national interests.

Protecting Indigenous Intellectual Property

President Museveni cited a recent incident involving a pharmaceutical company, Dei BioPharma Ltd, founded by Dr. Matthias Magoola. 

The President disclosed that a Kenyan bank, Equity, had sought to inject capital into the company, but the offer was rejected. 

This decision was based on a fear that foreign capital could ultimately lead to the company shifting its plant and operations to another country. 

He concluded by reiterating the necessity of a two-pronged approach: "it must be the government to support the scientists and then the public coming in with the capital."