The First National Bank of Namibia (FNB) on Wednesday entered into an agreement aimed at boosting small and medium enterprises (SMEs) in scaling Namibia’s oil and gas sector.
The agreement was signed between FNB, Moneda Capital Management Limited (Moneda) and Ino Capital Investment Limited.
FNB commercial finance and strategic advisor Chuka Okafor said they are optimistic about the agreement as it will further unlock doors for SMEs seeking to tap into the oil and gas industry.
“What we are seeing is SMEs and entrepreneurs positioning themselves to tap into the sequence of the emerging sector,” he said.
Okafor added that it is about readiness and optimism birthed by SMEs, which the bank has already seen contributing to the sector.
Moneda chief executive Ejike Egbuagu says they want to invest in Namibia’s SMEs, citing that gone are the days where citizens do not benefit from investments coming into their country.
He says investment trickle down to SMEs in the oil and gas sector which in return will create jobs locally.
“Our job is to make sure this money finds its way into the pockets of Namibians,” he says.
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