How oil discoveries derailed Kenya and Uganda debt plans

Finds of so-called black gold by two countries may have lured them into the speculative credit market trap, borrowing heavily against the hope of reaping big from new resource.

The discovery of oil at the little known Kodekode village in Nakukulas location in Turkana East District in 2012 was a turning point for the country in many ways.

The big find, as it came to be known, had thrust Kenya among the league of oil producing countries overnight and was hailed as a game changer for a country whose other traditional exports were shrinking at an alarming rate.