Hundreds of owners of small and medium enterprises (SMEs) have graduated today after training under the ‘Network for Innovation and Sustainability in Agriculture and Tourism (NISAT) program organized by the Stanbic Business Incubator Limited (SBIL) in partnership with the Embassy of France to Uganda.
On April 29th, 2021, the Embassy of France to Uganda and SBIL officially launched a two-year project to foster entrepreneurship in Agro-ecology and eco-tourism in Uganda for a total amount of 435,000 EUR (approx. Shs1,885,500,000). This project is aimed at supporting the sustainable development of Micro, Small and Medium Enterprises (MSMEs) in the two selected sectors.
The target beneficiaries are youth aged between 18 to 35 and women of all ages provided they fulfill the criteria set aside for the beneficiaries. This is set to be achieved by promoting skills development and building strong and sustainable networks amongst the target beneficiaries. The project will promote the emergence of these two sectors and consequently create jobs and increase revenue growth of the target beneficiaries.
Tony Otoa, Chief Executive of the Stanbic Business Incubator, said at the graduation ceremony in Kololo, “We are committed to supporting SMEs by imparting skills ranging from compliance, corporate governance, and business planning and analysis to financial literacy and business ethics, among other things.”
According to the World Bank, Uganda is presently the 14th most vulnerable country
in the world to climate change. Therefore, the NISAT project was launched to focus on promoting environmental conservation in the agriculture and tourism sectors as a director of economic development.
It has attracted over 120 SMEs over the past two years with the highest number being the youth. Participants have been engaged in training, exposure visits and mentorship/coaching.
Yves Mercier, the Counselor for Cooperation and Cultural Affairs at the Embassy of France to Uganda, said the working relationship of France with the NISAT network “is made to last because we share common ideas as entrepreneurship as a vector of inclusion and economic development, the necessary innovation in our societies, the promotion of youth and gender equality, the protection of the environment. These are the values that bring us together today. They are the foundation of the relationship we are building together,” Yves said.
The training program involved seven modules that have proven to be overwhelmingly successful and some of the results include about 90% of beneficiaries getting connected to digital network platforms. In turn, the program has been strengthened and become more self-sustaining by working jointly with 14 network leaders from which none have become primary while the five are currently under mentorship.
Mugisha Eliot Junior of Rambura Safaris commended NISAT for assisting them in developing more entrepreneurial skills in the areas of social media marketing and strategic planning. This has helped them enhance their position at Young Uganda Tour Operations (YUTO), where they organize group trips to promote tourism in Uganda.
Today, most investment funds worldwide are looking out for individuals, companies and organizations that incorporate environmental, Social and Governance (ESG) provisions in theirbusiness models and NISAT has been a key factor in training participants to embrace them (ESG) in order to tap into the opportunities.
Several MSMEs have been helped to formalize their businesses which will put them in a better position to exploit more potentially lucrative opportunities. So far, 19 companies have already been registered, but plenty more are in the process.
