‘Era of potential is over,’ says UBA’s Alawuba as bank commits to powering Chad’s $30bn growth plan

‘Era of potential is over,’ says UBA’s Alawuba as bank commits to powering Chad’s $30bn growth plan

By Jeffrey Agbo

The Group Managing Director of United Bank for Africa (UBA), Oliver Alawuba, has declared that Africa has moved beyond the stage of potential to one of execution, as the continent embraces large-scale development and strategic financing partnerships.

Speaking at the UAE–Chad Trade and Investment Forum in Abu Dhabi on Monday, November 10, 2025, themed “Financing African Competitiveness – Building Bridges, Powering Progress,” Alawuba said, “For too long, the narrative around Africa has been one 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.”

He described Chad’s $30 billion Chad Connection 2030 plan as “a declaration of intent” and “a detailed roadmap to move a nation from the periphery to the very heart of global economic competitiveness.” He added that with 268 projects focused on infrastructure, industrialisation, and human development, the initiative demonstrates that “competitiveness is not born in boardrooms; it is built on the ground.”

Alawuba identified reliable energy, water access, and strong governance as key pillars of sustainable financing. “It means understanding that a reliable power grid is the foundation of industrial growth,” he said. “Chad’s target of 60% electrification by 2030 will enable factories to operate, cold chains for agriculture to function, and the digital economy to flourish.”

He also highlighted the transformative impact of water infrastructure, noting that “water access for 11 million additional people drives economic transformation” by reducing health costs, boosting agriculture, and supporting food processing industries.

On financing mechanisms, the UBA chief called for collaborative models involving African banks, global investors, and development finance institutions. “The answer lies not in a single source, but in a powerful, collaborative model — a model where African financial institutions like UBA step up not as mere intermediaries, but as architects of finance,” he said.

He stressed that Africa’s challenge was not the absence of capital but the absence of “bankable structures and credible partnerships.” Citing the Africa Finance Corporation, he said the continent’s domestic financial assets are worth about $4 trillion, but “less than 15% of these assets are currently channeled into productive infrastructure essential for growth.”

Alawuba listed UBA’s project portfolio across the continent, including $400 million for Tanzania’s Julius Nyerere Hydropower Project, $700 million in Nigeria’s power sector, $10 billion participation in the Dangote Refinery syndication, and $315 million in Ghana’s road infrastructure.

In Chad, he revealed, “We have already committed over $102 million in direct investments in the State of Chad’s securities and have been the lead financier on critical national projects — from a $49 million domestic gas project to bring clean energy to households, to a $6.7 million wind farm in Amdjarass and essential funding for road maintenance and telecom modernization.”

Emphasizing inclusivity, he said, “True competitiveness requires an inclusive economy,” adding that UBA’s presence extends to remote areas in countries such as Mozambique, Guinea Conakry, and Uganda to ensure SMEs, farmers, and entrepreneurs have access to finance.

The UBA chief also outlined a three-tier partnership model for Africa’s growth: “International expertise and capital, particularly from partners like the UAE… African institutional banking and local knowledge… [and] Development Finance Institutions (DFIs) like the World Bank and the AfDB.”

He said when these elements align, “strategic African anchor investment can attract international capital at a ratio of 10-to-1 or even 20-to-1,” describing this as the “key that unlocks the vault” for Chad’s $30 billion plan.

Reaffirming UBA’s readiness to partner with Chad, Alawuba stated, “Chad Connection 2030 is a bold invitation to the world. It says: ‘Come, build with us.’ At UBA, we are not just accepting that invitation; we are already rolling up our sleeves.”

He concluded with a message of unity and shared purpose, quoting UAE founding father Sheikh Zayed bin Sultan Al Nahyan: “They were able to do so because they recognized the need to work together, to combine their resources and their skills, to stand together in the face of whatever challenges confronted them.”

“Let us take that spirit to heart,” Alawuba urged. “Let us combine our resources and our skills. Let us stand together to power Chad’s transformation, and in doing so, unlock a new era of African competitiveness.”