Nigeria: Ecomof 2024 - UBA Affirms Pledge to Stimulate African Economic Expansion

26 February 2024
Leadership (Abuja)
By Bukola Aro-Lambo

Africa's Global Bank, United Bank for Africa (UBA) Plc has reaffirmed its unwavering commitment to spearhead economic growth across the continent through targeted policies aimed at maximizing the benefits derived from the mining and oil sectors.

To this end, the bank said it is poised to collaborate with the Economic Community of West Africa States (ECOWAS) towards implementing strategic initiatives that will not only attract investment but also foster sustainable development into 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 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, this ECOMOF 2024 Conference has provided us with a strategic platform to reaffirm our commitment to fostering economic growth in the region," she noted.

According to her, by formulating and advocating investor-friendly policies by the sovereigns and financial intermediation and supports provided by UBA, the mining sector would be catalysed and transformed into robust economic pillars contributing substantially to the country's Gross Domestic Products.

"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.

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 panellist 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.

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