• Sun. Jul 14th, 2024

UBA Commits To Driving Economic Growth In Africa’s Mining, Oil Sectors

The United Bank for Africa (UBA), known as Africa’s Global Bank, has restated its commitment to fostering economic growth and expansion across the continent by supporting the mining and oil sectors. The bank, a key player in Africa’s financial landscape, pledges to collaborate with the Economic Community of West African States (ECOWAS) in implementing strategic initiatives to attract investment and ensure sustainable development in these crucial sectors.

Speaking at the fourth ECOWAS Mining and Petroleum Forum (ECOMOF 2024) held at the Palais des Congrès in Cotonou, Republic of Benin, Abiola Bawuah, the Chief Executive Officer of UBA Africa, highlighted the bank’s recognition of the pivotal role played by the mining and oil sectors in shaping the economic landscape of African nations.

“At UBA, we recognize the pivotal role that the mining and oil sectors play in shaping the economic landscape of ECOWAS member states. 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 stated.

Bawuah emphasized UBA’s role in formulating and advocating investor-friendly policies and providing financial intermediation and support to catalyze the mining and oil sectors. She outlined the potential for these industries to become 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.

The ECOMOF 2024 conference, themed “Geo-extractive Resources and Technologies: Pooling Strategies to Create Added Value in West Africa,” brought together key players and stakeholders in the mining and petroleum sectors. Discussions centered around the transformation of these sectors into economic pillars by formulating attractive policies for investors, essential for the substantial contribution to the development of ECOWAS member states.

As a leading African financial institution operating in 20 African countries, UBA has consistently played a crucial role in driving discussions around economic growth and supporting major continental development projects. Ebele Ogbue, Head of Corporate and Energy Bank at UBA, participated as a panelist during the session, highlighting the crucial role of National Oil and Gas Companies and the significance of good corporate governance in ensuring sustainable growth.

UBA’s commitment to the growth of the mining and petroleum industry in the sub-region is evident not only in its support for ECOMOF but also reflects its dedication to overall African economic development. The bank, with a strong presence across Africa and beyond, remains a key financial institution supporting major development projects on the continent. UBA is one of the largest employers of labor in the financial sector on the African continent, with 25,000 employees across the group and serving over 35 million customers globally.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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