UBA Pledges To Stimulate Africa’s Economic Expansion Through Support For Mining, Oil Sectors

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Africa’s Global Bank, the United Bank for Africa (UBA), has reaffirmed its commitment to stimulate economic growth and expansion across the continent through targeted policies aimed at maximising the benefits of the mining and oil sectors.

Following its pledge, the bank declared that it is poised to collaborate with the Economic Community of West African States (ECOWAS) towards implementing strategic initiatives that will not only attract investment, but also foster sustainable development in the mining and oil sectors.

Chief Executive Officer, UBA Africa, Abiola Bawuah, who spoke at the just concluded fourth ECOWAS Mining and Petroleum Forum (ECOMOF 2024) held at the Palais des Congrès in Cotonou, Republic of Benin, said the bank recognises 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.

“At UBA, we recognise the pivotal role that the mining and oil sectors play in shaping the economic landscape of ECOWAS member states and so, the 2024 edition of ECOMOF Conference has provided us with a strategic platform to reaffirm our commitment to fostering economic growth in the region,” she said.

She explained that through formulating and advocating investor-friendly policies by the sovereigns and financial intermediation and supports provided by UBA, the mining and oil sectors would be catalysed and transformed into robust economic pillars contributing substantially to Nigeria and Africa’s Gross Domestic Product (GDP).

“We believe that through collaborative efforts and sound financial strategies, we can propel the mining and oil industries towards sustainable development, unlocking their full potential for the benefit of the entire region,” she added.

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The ECOMOF 2024 conference with the theme: Geo-extractive Resources and Technologies: Pooling Strategies to Create Added Value in West Africa,” witnessed 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.

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

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

He also restated how the UBA Group has remained dedicated to providing strategic financial solutions that empower National Oil and Gas Companies to navigate the complexities of the industry and drive sustainable development.

With active involvement in major continental development projects and a strong presence across Africa, UBA is positioned as the financial institution of choice for the event.

The bank’s commitment to the growth of the mining and petroleum industry in the sub-region is not only evident in its support for ECOMOF, but also reflects its dedication to overall African economic development.
United Bank for Africa is one of the largest employers of labour in the financial sector on the African continent, with 25,000 employees’ across the group and serving over 35 million customers globally.

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Operating in 20 African countries and in the United Kingdom (UK), the United States of America (USA), France and the United Arab Emirates (UAE), UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.