According to Abiola Bawuah, executive director/chief executive officer of UBA Africa, United Bank for Africa UBA Invest $1 Billion Towards Financing Infrastructure in the economies of Africa where it operates.
She said the bank has made significant investments and assisted important governments of different African countries with over $1 billion in infrastructural development, particularly in roads, hospitals, health, power, and other crucial sectors. She was speaking yesterday at a hybrid media panel in Lagos.
She added that the bank’s subsidiaries are all profitable and contribute 50% of the group’s earnings.
Bawuah remarked: “The subsidiaries have continued to perform well despite currency devaluations and double digit inflation in Nigeria and a number of other African countries where the bank operates. The subsidiaries have been performing well, contributing significantly to the growth and development of trade, infrastructure and finance on the continent.”
She continued by saying that the subsidiaries are utilizing digital products and services across the board to capture significant market shares in the various operational zones of Africa.
She stated, “As at last month, none of our African subsidiaries is making a loss. They have all been turning in profits, this is a testament to the fact that they have navigated successfully and have all found their footing”.
Going forward, she added, “And this extends to each and every one of them, even the ones in war-torn countries. Of course, we are aware that there is always room for improvement, but for now, we are glad that our 19 subsidiaries are out of the red zone.”
She reiterated that UBA has been optimistic about funding projects across Africa in the field of financing infrastructure, which, in her opinion, is based on the idea that the continent needs to close the infrastructural deficit, which is required for economic growth.
“UBA has proven expertise and capacity in key sectors of economies across Africa especially in oil and gas, infrastructure finance, agriculture and commodity/export, and these have positioned it as a preferred partner for structured solutions to key governments and corporates operating in/into Africa,” Bawuah confirmed.
She also added that: “All our subsidiaries are profitable and efficient. Our large size has not affected the nimbleness of our operations. We have also supported infrastructure investment in Africa, including funding for road construction projects and small and medium enterprises”.
According to her, the bank has made significant contributions to encouraging commerce in Africa and has cooperated with the African Continental Free commerce Area (AfCFTA), adding, “At UBA, we believe that our customers should be able to trade conveniently among themselves, and so we have been partnering with them in this area. We have made it easy for our customers across countries to trade easily within themselves, without having to bother about all the hassles that have to do with forex.”
She added that the introduction of the AfCFTA has stifled efforts to make Eco a widely accepted currency in West Africa. Numerous central banks are currently settling intra-African trade payments for Africa in accordance with the AfCFTA, she continued.
