Hosted by Uganda’s National Social Security Fund (NSSF), the summit was themed “Unlocking Africa’s Pension Potential for Sustainable Development.” The event highlighted the urgent need to bridge the continent’s massive infrastructure gap using domestic capital.

“The strategic use of pension capital is integral to Uganda’s Ten-Fold Growth Strategy,” said Dr. Michael Atingi-Ego, Governor of the Bank of Uganda, in his keynote address. He called pension savings “patient capital,” ideally suited to building long-term infrastructure such as roads, schools , hospitals, and energy systems.

Atingi-Ego urged African nations to align pension investment with national development goals, backed by sound macroeconomic policies like inflation control and currency stability. He also called for the creation of new financial instruments, including green bonds and infrastructure bonds, to facilitate responsible and impactful pension fund investments.

Further, Uganda’s Prime Minister Robinah Nabbanja, delivering remarks on behalf of President Yoweri Museveni, described NSSF Uganda as “an important contributor to national development,” supporting its investments in affordable housing, renewable energy , and infrastructure.

“Africa urgently needs both capital and entrepreneurship to accelerate development,” Nabbanja said. “Our pension funds present a unique opportunity to mobilise domestic capital for critical sectors such as energy, infrastructure, and transport.”

“We have no big enemies in the world in the true sense. If we have any enemy, it is our dependence on other countries. This is our biggest enemy,” he said. “The enemy must be defeated. We always have to repeat this. The more foreign dependence, the greater the failure of the country.”

He urged collective action to reduce this vulnerability, framing self-reliance as a pillar of national strength rather than merely an economic plan. Modi’s remarks come at a tense moment in India–U.S. relations, with trade and energy policies at the centre of dispute.

Washington recently imposed a 25% reciprocal duty on Indian goods from August 7, followed by an additional 25% penalty tariff beginning August 27 — a direct response to India’s continued purchases of Russian oil.

New Delhi has defended its stance, insisting that it will secure the “best deal” on oil to protect its citizens’ interests. Indian officials have accused Washington of double standards, pointing to ongoing U.S. imports of Russian chemicals and fertilisers, allegations rejected by President Donald Trump .