United Bank for Africa Plc has pledged to work with the Economic Community of West African States on implementing initiatives that will attract investment and sustainable development into the sub-region’s mining and oil sectors.
According to a statement from the bank on Monday, the pledge was made at the just concluded fourth ECOWAS Mining and Petroleum Forum, which was held in Cotonou, Benin Republic.
The Chief Executive Officer of UBA Africa, Abiola Bawuah, who spoke at the forum, said the bank recognized the pivotal role of the mining and oil sectors in shaping the economic landscape of African nations and was 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.
Bawuah said that with the formulation of investor-friendly policies by the sovereigns and financial intermediation and support provided by UBA, the mining sector would be catalysed and transformed into robust economic pillars, which would contribute substantially to the countries’ 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,’ was a gathering of key players and stakeholders in the mining and petroleum sectors.
The Head of Corporate and Energy Bank at UBA, Ebele Ogbue, who was also a panellist during the forum, 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.
He stressed the need for robust collaborations among ECOWAS countries and the importance of fostering strong regional ties to drive collective prosperity in the oil and gas sector.
