By Nik Ogbulie (in Washington DC)
⁷The significance of domestic capital in infrastructural development
has been extolling as the right way to go in fixing the seeming infrastructure challenges in Africa.
Elumelu,Chairman of UBA Group, made the declaration at the official lunching of the UBA’s whitepaper, titled “Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth,” on the sidelines of the World Bank–International Monetary Fund (IMF) Annual Meetings in Washington, D.C.
Elumelu said: “There is huge prospect in the domestic market to fund critical infrastructure such as power to give a fair chance to the youth to develop their capacity for wealth creation”.
The ex-banker said the continent could mobilise over $4 trillion from within to power economic growth and deliver on the potential of the African economy to drive development.
Elumelu, emphasised the strategic importance of the whitepaper, noting that the initiative represents a shift from dialogue to practical execution in Africa’s development journey.
“UBA is shifting Africa’s development agenda from talk to action,” Elumelu stated.
“With this whitepaper, we are championing initiatives that convert strategic dialogue into bankable projects and direct investments. Our commitment to execute these plans for the benefit of the continent and its people cannot be overemphasised.
“We are committed partners in Africa’s development and sustainability and will continue to provide the capital, the platform, and the network needed to transform Africa’s vast potential into economic growth.”
Presenting the white paper, Dr Marlous van Waijenburg of Harvard Business School, said Africa has no capital scarcity but a financial intermediation challenge.
Oliver Alawuba, UBA’s Group Managing Director and Chief Executive Officer, also underscored the whitepaper’s importance, describing it as both a call to action and a demonstration of capacity by the bank and the broader private sector.
“This whitepaper is a call to action and a statement of our capability,” Alawuba said. “It underlines our unique position in facilitating the partnerships and capital flows required to finance Africa’s future, providing the blueprint for action. The document delivers critical insights at a defining moment for Africa’s financial infrastructure.”
UBA, one of Africa’s largest employers in the financial services industry, has over 25,000 employees and serves more than 45 million customers globally. The bank operates in 20 African countries as well as in the United Kingdom, the United States, France, and the United Arab Emirates, offering retail, commercial, and institutional banking services.
Over the years, UBA has positioned itself as a “driving force in financial inclusion and digital innovation” across the continent, reaffirming its commitment to sustainable growth and Africa’s economic transformation.
