Data from the National Bureau of Statistics (NBS) indicated that Nigeria’s financial services sector contributed N3.8 trillion to the country’s Gross Domestic Product (GDP) in 2023, marking a 26.5% increase from N3.01 trillion in 2022.
Among the key contributors to this growth was the United Bank for Africa (UBA) Plc, Nigeria’s largest bank, established in 1949. UBA has expanded into a global financial institution operating in 20 African countries and with offices in New York, London, Paris, and Dubai.
During the celebration of its 75th anniversary, UBA highlighted its commitment to financial inclusivity, aiming to increase banking relationships across Africa.
The bank has leveraged digital platforms to reach a broader customer base and drive economic management efficiency. UBA’s top executives praised the government’s efforts to revive the struggling economy, acknowledging measures such as petrol subsidy removal and the naira floatation.
Additionally speaking on the move to revive the economy, Muyiwa Akinyemi, UBA’s Group Deputy Managing Director said
“I would say that Nigerian banks are supporting the money managers to see how best to stabilize the economy and the currency as it were because if volatility is not to the best of Nigerians and even the banks as well. because you want to be able to plan your development plan, you are not able to plan properly by six months or one year”.
He added “we’re looking at how best can we facilitate a lot more investments and a lot more capital flow to Nigeria than stabilize the economy which is what money managers are looking at with the various policies and pronouncements that they made in the past few days or months as well. But it is in our best interest to have a stable currency and to also have a stable economy without the high inflation that we are experiencing currently.” He disclosed.
He believe these steps, despite short-term challenges, will benefit the economy in the long run. The bank has also emphasized its support for Small and Medium-sized Enterprises (SMEs) as crucial for economic development and job creation, particularly in the current economic climate of high inflation and cost of living challenges in Nigeria.
