The United Bank for Africa (UBA) has received a critical $175 million financial package from the African Development Bank (AfDB) to fuel private sector initiatives and infrastructure projects in Nigeria. This timely injection of capital will empower key sectors like infrastructure, agriculture, manufacturing, energy, and small businesses, driving economic expansion and job creation across the country.
The package includes:
- $100 million long-term senior debt: This strengthens UBA's capacity to finance crucial infrastructure projects like roads, bridges, and power grids, fostering connectivity and development across Nigeria.
- $50 million in trade finance medium-term senior debt: This provides much-needed liquidity for export-import activities, boosting local businesses and entrepreneurs.
- $25 million risk participation program: This program strengthens UBA UK's role as a regional confirming bank, expanding access to international markets for African issuing banks.
The AfDB's Affirmative Action for Women in Africa (AFAWA) initiative complements the package by offering technical assistance and increased access to finance for women-owned SMEs, contributing to a more diverse and vibrant Nigerian economy.
UBA's extensive network across 20 African countries, the UK, and beyond positions it to leverage this funding for maximum impact. This collaboration marks a significant step towards unlocking Nigeria's economic potential and building a more prosperous future for the entire region.
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