The Economic Community of West African States and United Bank for Africa Plc have committed to collaborating on projects that would bring in capital and foster sustainable growth for the mining and oil industries in the subregion.
According to The PUNCH, the promise was made at the recently finished fourth ECOWAS Mining and Petroleum Forum, which took place in Cotonou, Benin Republic, according to a statement released by the bank on Monday.
During the discussion, the Chief Executive Officer of UBA Africa, Abiola Bawuah, stated that the bank understood the critical role that the mining and oil industries play in determining the economic landscape of African countries and that it was strategically positioned itself to be at the forefront of this transition.
“This ECOMOF 2024 Conference has given us a strategic platform to reaffirm our commitment to fostering economic growth in the region. At UBA, we recognize the pivotal role that the mining and oil sectors play in shaping the economic landscape of ECOWAS member states,” she stated.
According to Bawuah, the mining industry would be stimulated and developed into strong economic pillars that would significantly boost the GDP of the nations with the sovereigns’ creation of investor-friendly policies, financial intermediation, and support from UBA.
“We think we can move the mining and oil industries towards sustainable development and realize their full potential for the benefit of the entire region through cooperative efforts and wise financial strategies,” she continued.
The mining and petroleum industries’ leading figures gathered for the ECOMOF 2024 conference, which had as its topic “Geo-extractive Resources and Technologies: Pooling Strategies to Create Added Value in West Africa.
During the session, the Head of Corporate and Energy Bank at UBA and a panellist, Ebele Ogbue, emphasized the critical role that national oil and gas businesses play in promoting the growth of the oil and gas industry’s value chain.
He underlined how important sound corporate governance is to the long-term viability of the development of national oil and gas firms.
In order to promote shared prosperity in the oil and gas industry, he emphasized the necessity of strong cooperation among ECOWAS member nations as well as the significance of developing strong regional relationships.
