By Karim Were
Uganda’s National Social Security Fund (NSSF) has reaffirmed its ambition to grow its assets to Shs80 trillion by 2035, positioning itself as a key source of long-term domestic financing for the country’s economic transformation agenda.
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The commitment was made during a meeting between Finance Minister Henry Musasizi, the NSSF Board and management, where discussions focused on the Fund’s performance and its role in supporting Uganda’s Tenfold Growth Strategy.
Managing Director Patrick Ayota said the Fund has expanded from Shs26 trillion in June 2025 to Shs32.8 trillion by June 2026, while maintaining a 95% member satisfaction rate. He noted that NSSF is prepared to work closely with government to finance productive sectors, create jobs, support enterprise growth, encourage formalization and mobilize long-term domestic capital without compromising members’ savings.
Finance Minister Henry Musasizi commended the Fund’s strong growth, emphasizing that while protecting workers’ savings remains the top priority, NSSF should increasingly channel investments into strategic sectors capable of accelerating Uganda’s economic development. He said the Fund is well positioned to provide the patient capital needed to finance large-scale, long-term investments under the Tenfold Growth Strategy.
NSSF Board Chairperson Dr. David Ogong said the Fund is already investing in priority sectors identified under the government’s development agenda, including agro-processing, tourism, mineral-based industrialization, and science, technology and innovation. He, however, stressed that a more bankable investment environment is necessary to ensure members’ funds are invested safely while delivering strong returns.
State Minister for Planning Amos Lugoloobi echoed the call for reforms to improve Uganda’s investment climate, noting that NSSF has a strong legal framework that enables it to play a greater role in supporting national economic growth.
The meeting was also attended by State Minister for Privatization and Investment Aminah Mukalazi and State Minister for General Duties Ciccy Mulondo, underscoring government’s commitment to strengthening collaboration with the country’s largest social security fund in financing Uganda’s long-term development priorities.
