UBA Reaffirms Strategic Support For Mining, Oil Sectors To Stimulate Africa’s Economic Expansion

The United Bank for Africa Plc, at the weekend reaffirmed its unwavering commitment to spearhead economic growth across the African continent through targeted policies aimed at maximizing the benefits derived from the mining and oil sectors.

Consequently, the bank said it is poised to partner the Economic Community of West Africa States (ECOWAS) to implement strategic initiatives that will not only attract investment but also foster sustainable development into the mining and oil sectors.

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

Continuing, he said, “this ECOMOF 2024 Conference has provided us with a strategic platform to reaffirm our commitment to fostering economic growth in the region.”

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 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.