United Bank for Africa (UBA) Plc has reaffirmed its commitment to drive economic growth across Africa through targeted policies that stimulate mining and oil sectors’ investments.
The bank will be partnering with the Economic Community of West Africa States (ECOWAS) in implementing initiatives that attracts investment and fosters sustainable development into the mining and oil sectors.
Chief Executive Officer, UBA Africa, Abiola Bawuah, broke the news at the just concluded 4th ECOWAS Mining and Petroleum Forum (ECOMOF 2024).
The event 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 recognize 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 said.
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.
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 emphasised 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 emphasised how the UBA Group remains 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.
