Nigeria: UBA reaffirms commitment to catalyzing African economic growth

UBA Plc, Africa’s Global Bank, has reaffirmed its firm commitment to driving economic growth throughout the continent by implementing targeted policies to optimize the benefits from the mining and oil sectors.

In line with this objective, the bank is prepared to partner with the Economic Community of West African States (ECOWAS) to execute strategic initiatives aimed at attracting investments and promoting sustainable development in the mining and oil sectors.

The Chief Executive Officer, UBA Africa, Abiola Bawuah, who spoke at the just concluded 4th ECOWAS Mining and Petroleum Forum (ECOMOF 2024) which was held at the Palais des Congrès in Cotonou, Benin Republic, said the bank recognizes the pivotal role of the mining and oil sectors in shaping the economic landscape of African nations, and is strategically positioning itself to be at the forefront of this transformation.

She noted that through the formulation and advocacy of investor-friendly policies by sovereign entities, coupled with financial intermediation and support from UBA, the mining sector could be catalyzed and transformed into robust economic pillars, significantly contributing to the country’s Gross Domestic Product (GDP).

The ECOMOF 2024 conference with the theme “Geo-extractive Resources and Technologies: Pooling Strategies to Create Added Value in West Africa,” saw a large gathering of key players and stakeholders in the mining and petroleum sectors who gathered to brainstorm on the need to transform the mining and oil sectors into economic pillars by formulating attractive policies for investors, essential for the sectors’ substantial contribution to the development of ECOWAS member states.

As a leading African financial institution with presence in 20 African countries, UBA has consistently played a crucial role in driving such discourse around economic growth and supporting major continental development projects.

The Head of Corporate and Energy Bank at UBA, Ebele Ogbue, who was also a panelist during the session, highlighted the pivotal role of National Oil and Gas Companies in advancing the development of the oil and gas industry’s value chain.

He underscored the importance of good corporate governance in ensuring the sustainable growth of National Oil and Gas Companies and emphasized the need for strong collaborations among ECOWAS countries. Additionally, he highlighted the importance of fostering strong regional ties to drive collective prosperity in the oil and gas sector.

He also stressed the UBA Group’s commitment to delivering strategic financial solutions that empower National Oil and Gas Companies to navigate industry complexities and promote sustainable development.