Thursday, July 29, 2021
Home > Entrepreneurship > NSSF Unveils Multi-billion Real Estate & IT Business Opportunities For Suppliers
EntrepreneurshipNewsReal Estate

NSSF Unveils Multi-billion Real Estate & IT Business Opportunities For Suppliers

Panelists at the NSSF annual Suppliers Forum

The National Social Security Fund (NSSF) has unveiled business opportunities for local suppliers in real estate and information technology for the next financial year 2021/22.  

This was during its annual Suppliers Forum held virtually under the theme, “Call for partnership; Let’s Shape the future of the Fund together”

NSSF Managing Director, Richard Byarugaba said the Fund will spend about Ugx 826 billion for the financial year 2021/2022 in real estate projects, Information Technology systems and computer equipment, office equipment, among others.

He said these procurement needs, are derived from the Fund’s overall 2015-2025 strategic plan that focuses on four main areas namely; growth of the Fund’s assets to shs25 trillion, delivering customer experience to 95% satisfaction rate, improving business processes; and increasing employee satisfaction to 95%.

NSSF Managing Director, Richard Byarugaba giving a keynote speech

At the forum, Byarugaba, advised suppliers to invest in data analytics and technology to enable them successfully win public tenders. “It is evident that data analytics and technology are now the main enabler of creating and capturing value for any organization.  At NSSF, we are looking at how to cultivate new value from procurements in the digital era. We therefore look out for suppliers who have necessary technology to address our challenges and help us fulfill our strategic goals.” he said.

He further advised suppliers to endeavor understanding companies’ strategies, create solutions for their clients and have agility in responding to any disruptions in the procurement process, for long term business partnerships.

Speaking at the same event, Prof. Augustus Nuwagaba, an Economics expert emphasized the need to focus on local suppliers, saying that Government is losing a lot of billions to foreign suppliers.

He however said local suppliers should be able to supply quality products and services.

“Development is initiated from within,” Nuwagaba said, adding Government should keenly look at who is benefiting from the multi-billion projects it’s undertaking.

He added that Small and Medium Enterprises (SMEs) can compete with giants as long as they are focus on quality and integrity.

The annual NSSF Suppliers Forum is aimed at equipping the Fund’s current and potential suppliers with knowledge on public procurements and obtaining feedback from its stakeholders in order to improve its procurement process.

The NSSF procurement process involves invitation for bids through advertisement, evaluation of bids, awarding of contracts to successful bidders, invoicing and payment to suppliers. This is in accordance with the Public Procurement and Disposal of Assets Act 2003.

  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
Taddewo William Senyonyi
https://www.facebook.com/senyonyi.taddewo
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

Leave a Reply

Your email address will not be published. Required fields are marked *