Stanbic Bank Uganda through its Business Incubator has entered into a partnership with the Uganda National Oil Company to promote national content through the capacity building through offering business training for entrepreneurs, knowledge/sector information sharing and enterprise development.
Stanbic Bank’s Chief Executive Patrick Mweheire speaking during the MoU signing ceremony said they are pleased to be partnering with UNOC in this critical initiative that aims to facilitate participation and development of national content in the oil and gas sector.
“Oil is a game-changer in many economies and the only way we can benefit as Ugandans is if we have as many local companies participating as possible,” he said in a press release shared.
“As a way of ensuring Ugandan companies participate in the Oil and Gas activities, we established the Business Incubator with the aim to reach as many SME’s as possible and continue to support their growth and development across the nation.
The incubator trains and provides them with soft and hard skills necessary to improve their business operations and compete more effectively in the market place. It also deliberately prepares them to leverage the upcoming opportunities in Uganda’s emerging Oil and Gas sector,” he said.
Adding, “We are grateful for this partnership as through which the two entities will jointly develop and implement a series of initiatives on National Content through the Stanbic Business Incubator Centre and also cooperate in the development of National Content programmes.”
Proscovia Nabbanja, Uganda National Oil Company Chief Executive Officer, said partnerships with institutions like Stanbic are instrumental in promoting national content through providing the necessary training and information on the opportunities for local businesses in the oil and gas sector.
“UNOC will provide subject matter experts to support the development of businesses on the Enterprise Development programme and also provide support to the Stanbic Business Incubator Centre’s training and research activities in Enterprise Development.
It is important that local companies are kept abreast of the developments in such a dynamic industry to help them develop business models that are adaptable. This is fundamental if they are to remain relevant in such a competitive market place” she said.
Stanbic Head of Business Development, Tony Otoa while commenting on the partnership said, “Stanbic Business incubator will provide training to SMEs recommended by UNOC to the Stanbic Business Incubator Centre, and also avail its centres across the country for use by UNOC in its National Content programme.”
The two entities will also provide technical support in form of facilitators to help train the businesses to make them ready to partake in the oil and gas sector activities.