Stanbic Bank, Uganda National Oil Company in partnership to strengthen local content

Issued by: WMC Africa

Stanbic Bank Uganda, through its business incubator, has entered a partnership with the Uganda National Oil Company (Unoc) to promote national content through capacity building.

The program will offer business training for entrepreneurs, knowledge and sector information sharing, and enterprise development. The two entities signed a memorandum of understanding in Kampala today outlining the partnership.

Speaking at the ceremony, Patrick Mweheire, Stanbic Bank Uganda’s chief executive 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.”

Mr Mweheire added: “As a way of ensuring that Ugandan companies participate in oil and gas activities, we established the business incubator with the aim of reaching as many small and medium-sized enterprises (SMEs) as possible across the nation and continue to support their growth and development.

“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.”

Mr Mweheire further added that the partnership will “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, the chief executive officer at the Uganda National Oil Company said the partnership will provide “the necessary training and information on the opportunities for local businesses in the oil and gas sector.”

Unoc, Ms Nabbanja added, “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,”

The Stanbic Business Incubator will also provide training to SMEs recommended by Unoc and avail its centres across the country for use by Unoc in its national content programme, said Stanbic’s head of business development, Tony Otoa. About Stanbic Bank Uganda Stanbic Bank Uganda is a […]

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