Agriculture sector will benefit from a $6 billion investment promised by the United Bank for Africa (UBA) Plc, in the continent. This followed an agreement signed between the bank and the Africa Continental Free Trade Area (AfCFTA) Secretariat. The bank will through this commitment provide financing in a period of three years to businesses in sectors involving Agro-processing, Automotive, pharmaceuticals, Transport and Logistics.
This was made known by Muyiwa Akinyemi, Deputy Managing Director, United Bank for Africa (UBA) at the Africa Day celebration at the 37th Lagos International Trade Fair, in Lagos. The bank executive said this was a demonstration of the commitment of UBA towards deepening Intra-Africa trade for the promotion of self-reliance and economic development in the continent. Akinyemi explained further that it is important for Africa to be deliberate about the economic liberation drive of the continent.
Akinyemi said that UBA’s dedication to SMEs and trade advancement across Africa is what informed the agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat. This gesture is expected to boost the initiatives of AfCFTA to improve access to finance and markets for SMEs geared towards the growth of the economy of African countries.
Hear him: “We signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual Meeting (AAM) which was held in Accra, Ghana. By this agreement, both parties are to promote the development of SMEs operating in Four sectors under the 1st phase of the partnership which are largely import dependent by providing technical and financing solutions for intra-African/domestic alternatives.”
Asiwaju (Dr) Michael Olawale- Cole, President, Lagos Chamber of Commerce, appreciated the bank’s consistent participation as partner and headline sponsor of the LITF for the past six years.
So, what is the significance of the UBA initiative for commerce in the continent? Olawale-Cole provided a response, “Partnering with UBA is significant because it is an organisation that has its footprint in 20 countries and that is a big feat”.
