Investing today in housing and economic development for long-term member value.
NSSF invests in sustainable housing developments to generate long-term returns for members while contributing to Uganda's housing needs and wider socio-economic development.
During the year, the Fund continued implementation of Phase 1 of the Temangalo Housing Project, reaching approximately 67% physical progress by the reporting date. The project is delivering residential units alongside supporting infrastructure and amenities, including roads, green and open spaces, recreational areas, and community facilities.
The trade-off is deliberate: NSSF accepts significant upfront capital requirements, longer development and payback periods, and project delivery risks in pursuit of long-term financial value, increased housing supply, and wider economic benefits. The Housing Economic Value Chain analysis estimates that every UGX 1 of value added through housing construction generates about UGX 3 of wider economic impact through local suppliers and related economic activity.
Trade-offs in our use of Financial and Social & Relationship Capital
Long-term positive impact
- Long-term investment returns and portfolio diversification supporting sustainable value for members.
- Increased housing supply, supported by infrastructure, amenities, and community spaces.
- Job creation and local economic activity across Uganda's housing construction value chain.
Short-term negative impact
- Significant upfront capital commitment to land, construction and infrastructure before returns are realised.
- Longer development and sales cycles, delaying cash recovery compared with more liquid investments.
- Exposure to construction and market risks, including cost inflation, delivery delays, contractor performance, and demand.
- Reduced investment liquidity while capital remains committed to the project until key milestones and sales are achieved.
Contributing to the following SDGs
SDG 1 No Poverty
Supporting greater access to quality housing and contributing to improved household economic security.
SDG 8 Decent Work and Economic Growth
Creating employment and stimulating economic activity across Uganda’s housing construction value chain.
SDG 9 Industry, Innovation, and Infrastructure
Developing housing alongside supporting infrastructure, including roads, green spaces, and community facilities.
SDG 11 Sustainable Cities and Communities
Supporting the development of inclusive, connected, and sustainable communities through quality housing, infrastructure, and shared amenities.
Material matters
Strategic risks
