UNOC, Equity Bank Uganda partner to support local content growth in oil sector

Uganda National Oil Company (UNOC) has signed a Memorandum of Understanding (MOU) with Equity Bank Uganda to support local communities in areas where oil and gas exploration is taking place.

Equity Group Holdings Plc Group Managing Director and CEO, Dr James Mwangi and UNOC CEO, Ms Proscovia Nabbanja signed the MOU on Wednesday, 13 April 2022 at Kampala Serena Hotel on the side lines of the ongoing oil convention.

The MOU focuses on enterprise development and financial inclusion, clean energy use and environmental conservation, food and agriculture, education and leadership, and health programs. 

Farmers will be supported to supply items to the oil and gas sub-sector.

Financial literacy, especially for women and youth, financial access, sponsorship for short courses and industry certification programs and support to Vocational Institutes (TVET) students are part of the MOU activities.  

Dr Mwangi said wealth creation was important.

After signing the MOU, Ms Nabbanja emphasised the company’s commitment to national content.

The partnership, according to her, is another opportunity to achieve more through collaboration.

The 8th annual oil and gas convention under the theme “Maximizing National Content and Value Retention” has been organised by Uganda Chamber of Mines & Petroleum, Petroleum Authority of Uganda (PAU) and others.

Earlier during day two of the convention on Wednesday, Dr Mwangi said: “ As Equity Group we have come up with the African Recovery and Resilience Plan. We have set aside 6 billion dollars to support the private sector in the region.”

He added: “The Plan has been presented to the governments of the region, the UN, the Commonwealth and 16 development banks all of whom are on board to contribute to the plan. Equity Group has done its part and now we challenge you to do the same.”

“The region’s outlook from an economic, social and political perspective has never been this bright. With the integration of DRC into the East African Community, we now have an advantage & now we need to know how to leverage this opportunity,” said Dr. Mwangi