#OutToLunch: Investment ideas to fulfill your 2024 resolutions

By Denis Jjuuko

This week sees the end of the festive holiday period almost for every organisation especially those in the private and development sectors. Like every new year, many people come up with resolutions, committing themselves to what they would like to achieve. For many, making more money tops the list. Money, makes the world go round or so we are told. If making money is one of your resolutions, here are some ideas:

Trading in FMCGs: There is a saying that cashflow is king. If you want to make money in 2024, you may have to look at businesses with a lot of cashflow. Trading is one such business. You can buy stuff in the morning and have them sold by the evening. This is common in the sector known as fast moving consumer goods or FMCGs. Almost everybody or household uses them every single day. Such goods may include sugar, soap, cooking oil, wheat, bread, and packaged drinks (soda, water, beer, juices etc.). Fuel (petrol and diesel) are considered as FMCGs too. There are so many other goods in this category just like you see in the supermarket or retail shop near you. Because they are highly consumable, they provide good returns to those who trade in them. The margins per item is small but the secret here is in the volumes. Traders earn about Shs500 or so per a carton of soda or bottled water but the numbers they can sell a day can be huge. A small trader doing just 1,000 cartons a day would be able to earn a gross income of half a million shillings. In a six-day week, that would be Shs3m or approximately Shs12m a month.

Treasury bonds and bills/unit trusts: There is an increasing interest in treasury bonds and bills as well as unit trusts. Unlike trading, these are hustle free investment options. You simply walk into your commercial bank with a minimum of Shs100,000 and start investing in bonds and bills. Insurance companies and investment companies regulated by the Uganda Capital Markets Authority offer unit trust investment opportunities some of as little as Shs10,000. Bonds, bills and unit trusts offer returns of about 10% annually. If passive income is your thing, this is where to invest. If you reinvest the interest, in a few years, you can significantly see huge returns due to the power of compound interest.

Real estate: There are some people who are running away from real estate especially rentals to invest in the hustle free treasury bonds and bills and unit trusts, which means there is a gap that is increasing in real estate rentals especially for the lower and middle income categories. Already, statistics from Habitat for Humanity Uganda indicate that the country’s housing deficit stands at 2.4 million housing units. As Uganda continues to urbanize, there will be an increasing demand for houses for especially young people who are doing their first or second jobs. Houses that are affordable for the lower and middle income earners will continue to be in demand for years. The investment here is also not so high and can be done incrementally over a long period of time. Besides rentals for this population segment, land banking and selling and buying are still other income generation and saving options.

Motor vehicle spare parts: If you live and work in the greater Kampala metropolitan area, you know the state of the roads in the country. Each vehicle you see on the road is a potential client. Given the state of the roads, car breakdowns are going to be the norm rather than the exception. The lack of an efficient public transport system and the culture of owning a motor vehicle considered as a yardstick of success will see an ever-increasing number of vehicles on the road. Most of these vehicles come in old from Japan and the state of the roads will ensure frequent breakdowns. Roads take time to be built even when money is available, making investing in motor vehicle spare parts a worthwhile venture.

Electric mobility: A trending photo this week was of Tesla car being offloaded from a car carrier somewhere in Uganda. Teslas are fully electric vehicles. Many development partners and blue-chip companies have started electrifying their fleets. This is a result of URA removing import duty on electric and hybrid vehicles this financial year. Kiira Motors’s vehicle plant is nearing completion with the installation of the assembly lines, paint shops and testing facilities ongoing in Jinja. But we don’t have enough mechanics and technical people to maintain these electric vehicles. We don’t even have enough well-trained electric bus drivers. The electric mobility value chain has great potential for those looking for investment opportunities this year.

Personal health: Apart from making money, many people resolve to do something about their health every new year. They perhaps understand that you can only make money if you are alive and healthy. Personal health is already an industry worth of billions of dollars globally. As the country urbanizes and a few people get out of poverty, they will always be willing to spend on their personal health making it an area with potential returns for investors.

The writer is a communication and visibility consultant. djjuuko@gmail.com

Tags: Denis Jjuuko, electric and hybrid vehicles, electric mobility, import duty, Kiira Motors’s vehicle plant, Motor vehicle spare parts, Out to Lunch, Personal health, Prime Time Communications, Real estate, Trading in FMCGs, Treasury bonds and bills/unit trusts, URA

Out to Lunch

#OutToLunch: Some of the big bets for 2026

By Denis Jjuuko It was just the other day when many people were making resolutions for 2025. Days turned into weeks, months and now a whole year. You blink, and it is a new year. I hope that you managed to achieve those targets you set for 2025. If you didn’t, well, you can still list them for 2026 and work on the issues that made you fail to achieve them. Well, there are so many things that are happening in 2026. An election is upon us and it comes fast—starting on 15 January. I hope that your candidate wins and most importantly that they do what they are promising to do. In the meantime, I thought of a few things that could be important in 2026. They could be business ideas or stuff that may make your life better one day. Generators, power back up As I was writing this, a close friend called me and she sounded desperate. Her electricity had failed and she was worried about spending yet another night in darkness. She had bought an inverter but because of a prolonged power shutdown in her residence area, her batteries were drained. She fears darkness. So, she thought I could be a plug for a standby generator for a night. We made frantic phone calls but many people with generators for hire had closed for the night. Anyway, it reminded me of a visit I made a few months ago to a friend’s home. I found people installing a generator. My friend had rightly predicted that the transition from one electricity distributor to another wouldn’t be that smooth and had envisaged the return to darkness. I had thought that he was panicking. He wasn’t. The new distributor has told us that electricity will stabilize in a few years. So, in 2026, either get a standby generator for your home or business or start dealing in them. Water harvesting When electricity fails, the guys at Katosi and Gaba inform us that they can’t pump water from Lake Victoria. This means that the taps soon run dry. When we were younger, we used to ask ourselves a silly question. What would should we rather have? Running water or electricity? We thought we had left those days more than 20 years ago. And it seems the question wasn’t even silly after all. So, what would you rather have in 2026? Water or electricity? Well, in 2026, either get a water tank for rain harvesting or start dealing in them. Car parts The smart guys at the Ministry of Works and Transport have declared a mandatory vehicle inspection at your cost. Not a bad thing if it would make our roads safer. But if you live in some of these parts of Kampala, most likely your car won’t pass the test. If it does, it will not be in a good shape a few days later. Some of the roads in Kampala have the biggest potholes ever seen in the world. If you drive a car that was once owned by somebody in Asia or Europe or north America and got rid of it by selling it to you, be prepared for a new suspension every few weeks. You may also have to budget for a bumper in 2026. If you live in a neighborhood with a paved road and potholes aren’t your problems, well, still budget for some body parts. However much you rivet your car, guys will still pluck off stuff in traffic jam or they will scale your fence and “undress” your car. So, in 2026, plan for car spare parts or start dealing in them. Coffee and gold Coffee and gold are most likely going to continue being top forex earners for Uganda in 2026. You may have to look for ways to get involved. Gold, though, has expensive school fees, so invest with care. Coffee, some call it the green gold, is a bit easy. Entry fees are not so exorbitant and many people have knowledge of how to grow it, trade it or drink it. If growing it is where you want to start, think of some bit of irrigation. Changes in the climate are real but also water in Uganda is easily available in many parts where coffee is grown. A few feet underground, and there is reliable water all year long. In 2026, find a way to deal in coffee, remember “it doesn’t lie” or even gold if you have the school fees. The writer is a communication and visibility consultant. djjuuko@gmail.com

January 22, 2026

Out to Lunch

#OutToLunch: How Uganda’s next president could easily reduce the housing deficit

By Denis Jjuuko It is not uncommon to find a social media post in Uganda regarding the price of land or property being shared many times. The argument is that land prices are extremely high especially around Kampala and in many major cities or towns across the country. With an ever-increasing population and poor infrastructure and services a few kilometres outside these major urban centres, it shouldn’t be entirely surprising that land is expensive. I have always given an example of Mpigi town, which is nearer to Kampala than Entebbe but a difficult place to commute due to poor infrastructure. Yet with the Entebbe expressway or even the old road, Entebbe is an easier place to access. So, land prices around Entebbe will always be high as not many people would make Mpigi their area of residence while working in Kampala. That though will change when the Kampala-Mpigi Expressway is complete. However, construction of infrastructure such as expressways in Uganda takes a very long time leading to people crowding around the urban areas where it is easier to commute to their workplaces and services such as hospitals and schools are better. This increases pressures on land for housing purposes in urban areas. And as the population grows, land, an inelastic resource becomes more expensive. Many young people end up struggling to build houses. With the current housing shortage said to be over 2.4 million units in Uganda, poor infrastructure and services and an ever increasing population, the price of land will only continue to rise unless the government does something. And that wouldn’t be nationalizing land like some people urge whenever there are delays in executing infrastructure projects or when the price of land is seen as a hindrance to young people owning houses. Government must realize that the most valuable asset the majority of Ugandans will ever own is a house. Once people own property, they wouldn’t want to create so much chaos that could lead to destruction. Empowering young people to own houses should therefore be in the government’s best interests. Since land in Uganda for housing is largely owned by private entities or communities who determine its cost without any guiding principles, government could create a land bank from which individuals could buy land or a house. How would this work? And since we are going to the polls next week, the country’s next president has his work well cut out. In urban areas like greater Kampala, government could buy large tracts of land in Mukono, Mpigi, Mityana and Luweero and demarcate it for planned housing estates similar with what private land dealers do but a bit better. Land would be divided into small pieces with architectural plans drawn by leading experts. Schools, recreation, and health facilities would be planned. The government would then sell the land at a rate lower than the private sector. Nobody would be allowed to deviate from the architectural plan. If you bought in an area with bungalow houses, you build the exact bungalow. If you bought in an area for storied villas, you build a storied villa as per the architectural plan. Each person or legally married couple would be allowed to buy only one plot and you can’t sell it to another person at any rate. If a buyer prefers to sell, he sells it back to the government at the price he bought it. This would protect the land from speculators who buy, hoard and then sell at an exorbitant price. Because the cost of building a house with a given architectural plan is easy to establish, banks would only rent a certain amount of money. Banks willing to lend the money would not give it to the individual as is usually the case, rather a prequalified construction company that can deliver the house within the established cost of building it with a capped interest rate or profit. This is how Islamic banking works and therefore not a novel idea that is difficult to implement. Should a person fail to pay, the government buys it from the bank at the set amount and then sells it to somebody else. People could pay in installments over a given period. Monthly deductions could be made to salaried workers such as civil servants interested. The government can then construct roads and expressways to those areas as many people would be living in these housing estates. Public transport, schools and health facilities would be prioritized. More young people would end up owning houses and therefore a huge stake in their country and ministry of urban planning would have something big to deliver. The price of land for housing would plummet too enabling more people to own houses. The writer is a communication and visibility consultant. djjuuko@gmail.com

January 20, 2026

Out to Lunch

#OutToLunch: Replicate innovation hubs in Kampala and refugee settlements across the country

By Denis Jjuuko Airpods in the ears. Hands busy with a smartphone. Shoulders holding a leather laptop carry bag. Legs covered in sagging pants. Torso well covered in a jumper with a hoodie. Hair spiked. Sunglasses on. It is a familiar sight at a building in Kampala where young people trying to replicate Silicon Valley converge to work on largely fintech applications. At least a floor in the building provides open spaces where these people work on their ideas while sipping iced coffees sold at a cafeteria in the corner. Walls are covered with inspiring graffiti of quotes by famous people or even bible verses. The young people are on a mission to make it big in the tech world. Those who find some breakthrough, which usually means nailing somebody willing to invest in their ideas or provide a grant, move to the office cubicles partitioned with glass, providing more inspiration to those still on the journey. These workspaces have many names. Incubation centres, ideation labs, entrepreneurial hubs, job centres. They are usually funded by development partners as a way of subsidizing the cost for these emerging entrepreneurs, developers, inventors, creators or whatever they prefer to call themselves. Perhaps having seen some impact in urban areas, these centres were replicated in many of Uganda’s refugee settlements across the country. At these centres, youthful refugees and host communities access high speed internet, get access to computers and sometimes machinery and tools that enable them to bring their ideas to life. The development partners sometimes throw in training like how to use multimedia platforms to market their businesses or find work. Small grants for groups with innovative ideas or even for those who are dedicated to their work are common. Access to high-speed internet has helped a few of them to create great products. On a visit to the Nakivale Refugee Settlement, I found an interesting group that makes guitars. They taught themselves via YouTube tutorials and they are able to market their shiny guitars to global customers through social media. They have been supported by Partnership for improving prospects for forcibly displaced persons and host communities (PROSPECTS), a project implemented by the International Labour Organization and funded by the Netherlands. It is remarkable what young people can do once they are enabled to innovate. Skilling is critical not just in vocational jobs. But also, in soft skills such as communication and digital marketing. How can they use WhatsApp Status, YouTube or TikTok to push their products out? How can they use YouTube to learn a new skill? I don’t think there is a vocational school that sets itself out there to teach making guitars but those refugees in Nakivale found a niche and made it work even though they have a long way to go. I have heard of people who taught themselves baking, weaving, and a few other things via YouTube tutorials and are now earning a living and even employing others. Once young people have access to affordable internet, many can teach themselves similar skills once they appreciate what they can do with a smartphone. Multimedia skilling programs for youth such as those offered by the Uganda Communications Commission (UCC) through Uganda Communications Universal Service and Access Fund (UCUSAF) are a good starting point. I have seen people learn making professional posters through platforms like Canva or videos using CapCut thereby joining the creator economy. I think there is a need to replicate the incubation hubs in Kampala and job centres in refugee settlements at subcounty level or even district level to start with. Here, young people would converge even if once a week to discuss with like-minded individuals, teach themselves skills and form partnerships and synergies that would enable them to scale their ideas or enterprises. Of course, regular trainings and mentorship would be important. They would be able to access high speed internet, computers or virtual reality gadgets. They would also test out their ideas and over time have access to those who may have been able to succeed. They would also provide markets to themselves. If one has mastered digital marketing, another involved in another industry would be able become their customer. We have also talked about value addition for a long time. Machinery is expensive. Knowledge is scarce. If people grow some coffee in Bukomansimbi or Budadiri and you want them to add value, a roastery can be installed at this hub where those interested can roast and package their coffee. As they grow, they would be able to scale on their own. If the hubs are somewhat working for youths in Kampala and refugee settlements, they can work too in rural communities. The writer is a communication and visibility consultant. djjuuko@gmail.com

January 20, 2026