KAMPALA – The Stanbic 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.
The Stanbic Business Incubator, a private company duly incorporated under the Laws of the Republic of Uganda started in 2018 as an initiative of Stanbic Bank to support and nurture SMEs to prepare for and harness business and growth opportunities. The Incubator has so far trained over 660 Small and Medium Enterprise and 1,746 entrepreneurs.
Conexus Oil and Gas is a wholly indigenous Ugandan company with extensive global partnerships in the oil and gas sector providing quality-driven services across the oil and gas sector’s value chain with the primary objective to develop local content in the Ugandan Oil & Gas industry.
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 Mr. Tony Okao Otoa explained that the incubator will equip these businesses with skills and knowledge on how to operate in Uganda’s changing economic landscape and mobilize the funds to facilitate their activities and initiatives for job and wealth creation in Uganda.
He shared that 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.
“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.
He added that: “Using the network of Conexus in Oil and Gas, we will be able to reach out to many local and international businesses and provide them with opportunities to network with one another, share their experience. For the local SMEs this is an opportunity to improve their presentation skills and quality management, facilitate joint learning and customize their training sessions based on enterprise needs.”
Mr Daniel Kaggwa, the Managing Director for 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 be enable local business tap into business opportunities and support them through capacity building in business development and entrepreneurship promotion” Kaggwa said.
He added that in additional to technical advisory, Training and Business Incubation support, they shall also facilitate exchange studies and learning visits for the incubates to promote and support Oil and Gas business development.
