As Uganda comes closer to full scale commercial production of its recently discovered oil resources, the state has much work to protect its economy from possible negative effects. Although much of the literature regarding oil globally, as well as in Uganda, paints a rather pessimistic picture, Dr. Pamela Mbabazi provides a set of alternatives, looking at oil as an opportunity rather than a curse. While oil is still in its infancy, many in Uganda have already predicted how it will play out over the next 50 years. While some are quick to point out the flaws and potential problem areas, Dr. Mbabazi suggests a more balanced approach, recognizing both the issue areas as well as the opportunities presented. Uganda has just celebrated its 50th anniversary as an independent nation. What is certain is that over the next five decades, oil will play a significant role in Uganda´s development. Thus, she argues that by heeding the suggestions made in this contribution, the government and key decision makers can help set Uganda on the right path to becoming Africa’s first oil success story. Dr. Pamela Mbabazi held the Claude Ake Memorial Chair in 2012-2013, working with the Department of Peace and Conflict Research, Uppsala University and the Nordic Africa Institute. She is Associate Professor of Development Studies, Mbarara University of Science & Technology, Uganda.