UBA’s GMD Urges Global Community to Mobilise Investments for Africa’s Infrastructure at UNGA 79

On the side-lines of the recently held 79th United Nations General Assembly (UNGA) in New York, United Bank for Africa (UBA)’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, addressed a distinguished gathering at the Global Africa Forum. 

The forum with the theme “Mobilizing Global African Investment for Africa’s Infrastructural Needs,” was organised by the Africa Prosperity Network (APN) and the Africa America Institute (AAI), and focused on Africa’s infrastructure challenges and the urgent need for investment to drive sustainable development across the continent.

While delivering his speech at the gathering, Alawuba emphasised the critical infrastructure gap that Africa faces just as he cited estimates from the African Development Bank (AfDB)that the continent requires $100 billion annually to close the deficit in sectors such as energy, transportation, telecommunications, and housing. 

“While these figures are staggering, they are also a call to action,” the GMD noted, as he pointed out the need for innovative thinking and strategic partnerships to mobilize the necessary investments.

Alawuba took time to reiterate UBA’s commitment to Africa’s development, highlighting the bank’s role in several key infrastructure projects across the continent. 

He pointed to UBA’s involvement in financing the 2,115 MW Julius Nyerere Dam in Tanzania, road infrastructure projects, and port expansion initiatives in Central and West Africa, adding that, “These projects are not just about construction; they are about connecting people, ideas, and opportunities to create a prosperous future for Africa.”

He also emphasized UBA’s $6 billion funding package in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, aimed at boosting intra-African trade and creating opportunities for small and medium-sized businesses across the continent.

Addressing the specific challenges that Africa faces, Alawuba underscored the need for Africa-led investment and the importance of the African diaspora in driving this agenda. “The global African community must take ownership of our development. By mobilizing resources from the diaspora, global investors, and local entrepreneurs, we can overcome our infrastructure challenges,” he stated.

He called for the formation of inclusive and transparent partnerships between governments, the private sector, and international financial institutions to drive Africa’s development. He concluded with a powerful reminder, quoting Nelson Mandela: “It always seems impossible until it’s done.”

UBA Group’s involvement in transformative projects, coupled with its strategic partnerships, continues to play a pivotal role in Africa’s development. As Alawuba noted, “The time for action is now. Together, we can harness partnerships and investments to unlock Africa’s full potential.”

The UBA Africa Reception was later held on the side-lines of the event, where several Heads of state and global leaders were in attendance and took time to commend the bank for its efforts towards galvanising the African continent to contribute to the development of infrastructure and provision of valuable resources. 

Other top management staff at the event included the Executive Director & CEO of UBA Africa, Abiola Bawuah, Executive Director for UBA International and CEO of UBA America, Sola Yomi-Ajayi, Group Head, Marketing & Corporate Communications, Alero Ladipo among others.