Business
Gas Flaring: Uganda Moves To Avoid Nigeria, Others’ Mistakes
The Government of Uganda, says it has drawn lessons from Nigeria and other African countries by enacting anti-venting law which prevents gas flaring.
It also enacted a law to promote investments in its oil and gas industry.
According to Ugandan Minister of Energy and Mineral Development, Mrs Ruth Sentamu, this was done in the country’s bid to protect its environment from pollution, degradation, and lack of investment.
She spoke at the Africa Women in Energy International Summit held on the sidelines of the Oil Technology Conference in Houston, Texas.
The theme of the summit was ‘Promoting Diversity and Partnership for Growth.’
The World Bank recently said each year, gas flaring, the burning of natural gas associated with oil extraction, emits more than 400 million tonnes of CO2 equivalent emissions, including methane and other pollutants.
Sentamu said, “Uganda had learned from the mistakes of other oil-producing countries, especially in Africa to develop its own oil and gas law by not falling into the mistakes of its predecessors”.
She announced that Uganda would be producing its first oil in 2025, saying from the first day of oil production, the country had barred gas flaring and any form of environmental hazards associated with oil exploration and production.
The minister said the discovery of oil for any country should naturally be a blessing, warning that such a blessing could, however, turn into a curse if it was not well prepared for.
She added further that oil would be a curse if a country decided to abandon agriculture and relied solely on gains from hydrocarbon resources.
She declared, ‘‘Uganda prepared very well by training Ugandans to be the ones to negotiate the terms, policies and conditions for its oil industry and they are now the ones developing the industry.
“We put in place all the relevant laws to guide our operations. And one of those laws stipulates that all the revenue we get from oil will go into infrastructure development only and not for eating or payment of salaries.’’
According to her, one of the infrastructure developments that the resources from oil will go into is electricity, saying the country needs electricity to industrialise.
She disclosed further that proceeds from oil revenue would be used to build refineries because the country would not be in the business of petroleum resources to export all its oil.
On gender inclusion, she said the time was ripe for women to be given prominent and front-row roles in the management of the economy.
‘‘As a mother, women are naturally not selfish because they want every member of the family to be happy in an equitable manner”, she added.
The energy minister continued that women should take the driver’s seat in the energy sector.
“When there is a poor electricity supply and a lack of cooking gas, it is the women that bear the brunt of resorting to firewood to cook, which shortens their lifespans”, she enunciated.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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