The Stanbic Bank Business Incubator has signed a Memorandum of Understanding (MoU) with Conexus Oil and Gas to enhance enterprise development, capability building and information dissemination for the sustainability of businesses in the oil and gas sector.
This partnership brings a unique platform for start-ups and small and medium enterprises (SMEs) in the oil and gas sector to have access to financial and technical resources such as expert advisory, mentorship and administrative support and training programs specifically designed to increase entrepreneurial insight in the sector.
Speaking at the event held in Kololo, the Stanbic Business Incubator chief executive, Tony Okao Otoa, said the incubator will equip these businesses with skills and knowledge on how to operate in Uganda’s changing economic landscape and mobilise the funds to facilitate their activities and initiatives for job and wealth creation in Uganda.
Part of the training program entails ICT-based solutions that facilitate proper digital record keeping, business management and performance testing on Conexus businesses for wider use and application by SMEs and actors in the Oil and Gas sector, Otoa said.
“We are confident that at the end of the program, these businesses will be in a much better position to establish a successful and sustainable enterprises, create alliances and platforms to deliver their business objectives and adopt an innovative solution in their operational models” Otoa emphasized.
Daniel Kaggwa, the managing director of Conexus Oil and Gas said they are excited about the partnership with the Stanbic Business Incubator intended to build the capacity of the local enterprises to enable them effectively participate in the oil and gas sector.
“With a global network and experts with over 450 years of combined global industry experience, we shall enable local business tap into business opportunities and support them through capacity building in business development and entrepreneurship promotion” Kaggwa said.