Oliver Alawuba, the group managing director (GMD) of the United Bank for Africa (UBA), says Africa has sufficient capital to drive its transformation — but the challenge lies in the misalignment of domestic funding and the lack of credible partnerships.
Alawuba spoke while delivering the keynote address at the UAE-Chad trade and investment forum held in Abu Dhabi, themed ‘Financing African Competitiveness — Building Bridges, Powering Progress.’
He said Africa’s development story must move beyond the narrative of potential to a phase of execution.
Alawuba commended the Chadian government for its “bold approach” to driving national competitiveness through the $30 billion ‘Chad connection 2030’ plan, which, he said, targets infrastructure, industrialisation, and human development.
“For too long, the narrative around Africa has been that of potential. But I stand before you today to declare that the era of potential is over. We are now in the era of execution,” the UBA executive said.
“The $30 billion Chad connection 2030 plan is not just a document. It is a commitment to transform Chad. It is also a detailed plan and roadmap for a nation to move from the periphery to the very heart of global economic competitiveness.”
Alawuba said the continent must now focus on financing large-scale projects such as power grids, infrastructure and digital systems that will unlock inclusive growth and investor confidence.
“At UBA, we believe always that the capital to transform Africa exists both within Africa and outside the continent,” he said.
“The challenge has not been a lack of capital, but lack of bankable structures, credible partnership, and the huge misalignment of domestic capital.”
The group managing director said UBA has been structuring deals across Africa to de-risk investments and mobilise large-scale capital flows.
In Chad, for instance, he said the bank has made a $100 million direct investment in government securities and continues to support national development projects.
“This demonstrates a deep and vested partnership with Chad’s development agenda,” Alawuba said.
“Indeed, true competitiveness requires an inclusive economy. Africa will grow without leaving anyone behind.”
Alawuba called for better mobilisation of Africa’s over $4 trillion in domestic capital, which he said is not properly aligned, to attract foreign investment and finance development.
“UBA is ready to support all the actions and policies that will come out from the Chad 2030 connection agenda,” he said.
The bank executive urged stakeholders to unite their skills and resources to drive Chad’s transformation, saying such collaboration would help unlock a new era of competitiveness across Africa.
