Ugandan President Yoweri Museveni revealed that he had lifted a ban on a minerals export ban that had been in place since 2012 following an agreement with his Kenyan counterpart William Ruto.
Museveni made the revelation while he delivered a speech at the World Bank Summit attended by 20 Heads of State in Nairobi that kicked off on Monday, April 29.
The 79-year-old President revealed that Ruto approached him to allow him to import iron ore used to manufacture steel.
Museveni, however, maintained that he lifted the import window for a maximum of three years under the condition that a Kenyan businessman dealing in steel manufacturing will set up a factory in Uganda instead, to provide employment opportunities for Ugandans.
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"I banned the export of minerals from Uganda. No mineral will come from Uganda if it is not processed. You can wait until I go away then you can steal the minerals but not now," he told the congregation during his speech which was highly critical of global lenders.
"I banned the export of minerals in 2012 and President William Ruto, I forgave him and gave him a little iron ore for two or three years because I have got a lot. One of the best iron ore in the world."
"I told President William Ruto that one of Kenyan businessmen can come and build the steel factory in Uganda like you have already built in Mombasa," he added.
The Ugandan President explained that he decided to effect the ban after he noticed that unscrupulous businessmen were shortchanging Ugandans by buying cheap minerals and making a killing after processing steel.
He added that some of the businessmen, moreso from India, had offered Ugandan miners $47 (Ksh6,321) per tonne only to reap $700 (Ksh94,150) per tonne.
"An Indian wanted to take the Iron ore in India arguing that it is soil and pay our workers $47 per tonne. Our iron ore is 70 per cent pure and you need at least one and a half tonnes to make pure steel. A tonne of steel costs $700," Museveni added.
"Someone gives you $47 on your wealth and gets $700 from it and all the jobs yet your children have no jobs. I cannot be part of that treachery."
Since effecting the ban, Museveni explained that over seven companies had set up gold refineries in Uganda, therefore, creating jobs for the youth, in similar deals to the one agreed with Ruto.
The Ugandan President further revealed that African countries have been shortchanged in different sectors including coffee whose global value is estimated at over $500 billion.
In Museveni's opinion, African countries only reap $2.5 billion and an almost similar figure for cotton. Museveni further revealed that he only wears clothes made in Uganda.
