The Lagos Chamber of Commerce and Industry (LCCI) has commended Africa’s global bank, United Bank for Africa (UBA) for its contribution to the growth and development of the African economy especially in facilitating pan-African trade in the 20 countries where it operates.
Toki Mabogunje, President, LCCI, said this while in her address at the Africa day celebration of the 35th Lagos International Trade Fair (LITF), themed Boosting Intra Africa trade where she appreciated the bank’s consistent participation as an exhibitor, sponsor and partner, especially as the headline sponsor of the 2021 LITF.
“Partnering with UBA is significant because it is an organization that has its footprint in 20 countries and that is a big feat, as partners we think alike and work together,” she said.
The president also acknowledged the bank’s constant support rendered to Small Medium Scale Enterprises (SMEs) through available windows of opportunities for businesses to thrive during and after the Fair.
“UBA is also making it possible for us to successfully deliver LITF to the Nigerian and international public, and based on this fact we are profoundly appreciative and satisfied that we have a competent partner,” she added.
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Speaking of intra-African trade, she said the African Continental Free Trade Area (AfCFTA) agreement is a long term dream and a long term goal which will help boost FDI inflow into Africa.
“We are excited about the signing of the AFCTA, but we need to get ourselves ready for the pressure of competition inherent in the continental economic integration agenda,” she said.
Muyiwa Akinyemi, Head, Commercial & Corporate Banking, UBA said that the theme of the 35th LITF resonates with the bank’s mission to create value for stakeholders by supporting and connecting businesses across Africa, which led to its rapid expansion from Ghana in 2005 to 18 other locations in Africa within five years.
He added that SMEs serve as drivers of growth in any economy which is why the bank is dedicated to helping them thrive and expand operations into other countries.
Akinyemi noted that boosting Intra-Africa trade is necessary to attain self-reliance and economic development, adding that Africans must be intentional about the economic liberation drive of the continent.
“AfCFTA is a transformational journey that we must all embrace and encourage, because it presents us with opportunities that will lead to creating a market of over 1.2 billion people with a combined GDP of over $3.4 trillion, hence the possibilities of growth and prosperity on the continent are endless,” He said.
