Stanbic bank Uganda through its business incubator has entered in to a partnership with the Uganda national oil company to promote national content through capacity building through offering business training for entrepreneurs, knowledge/sector information sharing and enterprise development.
Speaking during the memorandum of understanding signing ceremony, stanbic bank’s chief executive – Patrick Mweheire said, “We 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.”
“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.’’ he said
Mr. Muhweire said 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.
For this partnership 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.
While speaking at the ceremony, Uganda national oil company chief executive officer – Proscovia Nabbanja said, “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”
Stanbic head of business development, Tony Otoa while commenting on the partnership said, the two entities will also provide technical support inform of facilitators to help train the businesses to make them ready to partake in the oil and gas sector activities.