Stanbic Bank Uganda through its Business Incubator has entered into a partnership with Uganda National Oil Company (UNOC) to promote local content in the oil and gas sector.
The partnership will see Ugandan firms better positioned to benefit from the opportunities that exist in the development process of the oil and gas in the Albertine region as well as when Uganda starts producing oil.
Local enterprises will acquire capacity building, while the partnership will also provide business training for entrepreneurs, sector information sharing and enterprise development.
The partnership was signed on Wednesday morning between Stanbic’s Chief Executive, Patrick Mweheire and UNOC’s Chief Executive, Proscovia Nabbanja.
“We are pleased to be partnering with UNOC in a critical initiative that aims to facilitate participation and development of national content in the oil and gas sector,” Mweheire said.
He said the oil sector is a game changer for Uganda’s economy and the only way Ugandans will benefit from this discovery is by having as many local companies participating in its development.
“To ensure participation of Ugandan companies in the Oil and Gas activities, we established the Business Incubator with aim to reach as many SME’s as possible to support their growth and development across the nation,” he added.
An estimated USD 15 bin will be invested in the Oil & Gas sector during the development phase – developing the infrastructure for oil production notable among them, the 1,445 kilometre pipeline, roads, airfields and other oil facilities.
According to Mweheire, Stanbic’s Business Incubator prepares Ugandan SMEs to leverage the upcoming opportunities in Uganda’s emerging Oil and Gas sector.
A total of 153 SME companies and 514 entrepreneurs who have so far benefited from the Stanbic Bank Business Incubator launched in 2018.
The program enables Ugandan SME’s acquire the necessary skills, knowledge and understanding of the requisite standards required to successfully participate in the Oil and Gas sector, and to run their businesses in a sustainable and profitable manner.
Uganda’s first oil is expected in 2021 according to the Ministry of Energy and Stanbic believes this will be ample time to have trained as many SMEs as possible and position them to benefit and make the biggest impact.
At the peak of production in 2030, Uganda is projected to be producing 300,000 barrels of oil daily.