Charles Peter Mayiga, the Katikkiro of Buganda, has advised young Ugandans to reconsider the common aspiration of building personal residences early in life.
Mayiga cautioned that constructing a house demands substantial financial resources, which could be more effectively utilised to establish or expand businesses during one's formative years.
"Construction of residential houses takes up a lot of money, which would be used to grow... business, especially in the early stages of one's life," he said.
"These days I caution young people against rushing into building personal residential houses.
“The huge amounts of money used to build a house could be used by its owner to either expand his/her business or even to start a new one," he said
Funding Challenges for Young Entrepreneurs in Uganda
Young entrepreneurs in Uganda face considerable obstacles in securing the necessary capital to start and grow their businesses.
Limited access to affordable credit is a primary concern, leaving many promising ideas unrealised.
According to Ronald Tushabe, an expert in financial inclusion and youth empowerment, "Without the financial support to invest in their businesses, many youth entrepreneurs are stuck at the idea stage, unable to move forward."
The scarcity of funding options forces many young business owners to rely on personal savings or informal loans, which are often insufficient and come with high risks.
This financial constraint hampers their ability to invest in essential aspects of their businesses, such as product development, marketing, and scaling operations.