Stanbic Bank Chief Executive Officer (CEO), Anne Juuko, on Wednesday morning dissected the different opportunities in the oil and gas sector.
Early this year, key players in the oil and gas sector announced an Investment Decision worth US$ 10 billion.
But speaking on the subject “maximizing opportunities in linking the oil and gas sector with other sectors of the economy” at the 3rd Annual National Content Conference at Serena Hotel in Kampala, Juuko said “no matter where you are, you can morph and grab opportunities that the oil and gas sector presents.”
“Even if you are a farmer, you can play in the oil and gas sector. Even if you are playing in the education sector, there is a way you can come in. You can plug into these (opportunities) wherever you are,” Juuko said.
According to Juuko’s presentation, the other opportunities in the oil and gas sector are worth US$ 29 billion (UShs109 trillion). These are: public sector (US$ 7 billion), energy and infrastructure (US$ 2 billion), logistics and accommodation (US$ 0.6 billion) and financial institutions (US$ 2.4 billion). These, she said, excludes agriculture and real estate whose figures are still being looked into.
Juuko cited how Stanbic changed from being just a bank to a holding in 2019. This, she said, was as a result of the opportunities in the oil and gas sector.
“We started changing our story in 2019. From a mere bank to a holding company to grab opportunities that come with the oil and gas sector,” Juuko said.
Talking about the macroeconomic situation, Juuko said that Uganda is still recording a 10-year high inflation. She attributed this to the war in Ukraine and the increase in fuel prices.
“If you get a contract and may want to borrow to finance it, the cost of borrowing is going to go high. Put that in your plan,” Juuko said. “We need to worry about inflation. It is important that we mind about the framework under which we operate. This is going to be more shocking than usual.”
The conference (convened by Petroleum Authority of Uganda – PAU) at which Juuko was speaking is running under the theme “Creating Lasting Value through Enhanced National Participation to Accelerate Uganda’s Socio-Economic Transformation.”