Uganda: Stanbic Seposes Small Medium Enterprises for Oil and Gas Sector

By Abdul Rahman Suagibu –

NEW AFRICA DAILY NEWS ( NADN ) Freetown, Sierra Leonne- Stanbic Bank Uganda, through its Business Incubator, has reached into a pact with the Uganda National Oil Company to improve national content.

This agreement pursues to heighten Small and Medium Enterprises by imparting employment aptitudes on how to continue tolerable and grow their sales. The two forces will also give technical backing of facilitators to help equip the businesses to make them prepared to participate in the oil and gas sector.

Stanbic Bank’s Chief E – Patrick Mweheire stated: “We are pleasured to be partnering with UNOC in this meaningful enterprise that endeavors to promote participation and improvement of national body in the oil and gas sector.”

Uganda National Oil Company Chief Executive Officer Proscovia Nabbanja noted: “UNOC will procure subject material experts, to promote the growth of businesses on the enterprise development program provide support to the Stanbic Business Incubator Centre’s training and research activities in enterprise development.”

“This is fundamental if they are to remain relevant in such a competitive market place,” she noted.

Uganda has found more than 6 billion barrels of oil. Essentially $15 billion to $20 billion is expected to be invested in the industry over the next five years as the country races to oil production. However, more than 50% of the firms that aim to win tenders in the oil and gas commerce are foreign.

For New Africa Daily News Abdul Rahman Suagibu Reports,  Africa Correspondent

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