He made this assertion at a keynote address he delivered at the UAE-Chad Trade & Investment Forum in Abu Dhabi, UAE on Monday, November 10, 2025, with the Theme: Financing African Competitiveness – Building Bridges, Powering Progress
This was the full address
Keynote Speech delivered at the UAE-Chad Trade & Investment Forum in Abu Dhabi, UAE on Monday, November 10, 2025.
Theme: Financing African Competitiveness – Building Bridges, Powering Progress
Salutations: Your Excellencies, Honourable Ministers, Distinguished Panelists, Esteemed Partners from the UAE, Leaders of Development Finance Institutions, Captains of Industry, Ladies and Gentlemen. Please permit me to stand on the established protocols.
Acknowledgment: Good afternoon. It is a profound honour to stand before you today, at the crossroads of ambition and action, at this historic UAE-Chad Trade and Investment Forum. I bring you warm greetings from Mr. Tony Elumelu, the Group Chairman of UBA Group, Heirs Holdings and the Tony Elumelu Foundation and the entire UBA Group, a proud partner in Africa’s growth trajectory.
Let me begin by commending the visionary leadership of the Government of Chad and the strategic partnership of the United Arab Emirates for convening us around a blueprint of such transformative potential: Tchad Connexion 2030.
We are here to discuss a subject that is both an imperative and an opportunity: Financing African Competitiveness.
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. And what we are witnessing in Chad is a masterclass in how to make that shift.
The $30 billion Chad Connection 2030 plan is not just a document; it is a declaration of intent. It is a detailed roadmap to move a nation from the periphery to the very heart of global economic competitiveness. With its 268 projects targeting infrastructure, industrialization, and human development, it understands a fundamental truth: competitiveness is not born in boardrooms; it is built on the ground.
This brings me to the core of my message today. A plan of this magnitude poses one critical question: How do we finance this future?
It means understanding that a reliable power grid is the foundation of industrial growth. 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.
It means recognizing that water access for 11 million additional people drives economic transformation. Safe water reduces healthcare burdens, enables food processing industries, and unlocks agricultural productivity across the value chain.
It means seeing the strategic value in infrastructure. When we finance a road, we finance market access. When we structure a PPP for renewable energy, we finance both climate resilience and energy independence. When we support digital payment systems, we create the foundation for inclusive economic growth.
And it is built with governance that assures an investor that their capital is safe, and their project will be seen through.
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.
At UBA, we have always believed that the capital to transform Africa exists, both within and outside our continent. The challenge has never been a lack of capital, but a lack of bankable structures and credible partnerships, including huge domestic capital misalignment.
According to the Africa Finance Corporation (AFC), Africa’s domestic financial assets are estimated to total approximately $4 trillion ($2.5 trillion in Commercial Bank Assets, $725 billion in Foreign Reserves and others, $455 billion in Pension Assets and $320 billion in Insurance Assets), but less than 15% of these assets are currently channeled into productive infrastructure essential for growth. This the gap we bridge.
Across our network in 20 African countries and global financial centres (New York, London, Paris) - including right here in the UAE (Dubai) - we have been structuring deals that de-risk investment and unlock capital at scale.
In Tanzania, we committed over $400 million to the Julius Nyerere Hydropower Project, a testament to our capacity for large-scale energy infrastructure.
In Nigeria, we have invested over $700 million in the power sector post-privatization and participated in the landmark $10 billion syndication for the Dangote Refinery.
In Ghana, we financed $315 million in road infrastructure, understanding that connectivity is the lifeblood of trade.
So, when we look at Chad’s targets - 60% electrification, water for 11 million people, the doubling of agricultural production - we do not see insurmountable challenges. We see a portfolio of bankable projects.
At UBA, our commitment is two-fold: we are both architects of national infrastructure and champions of grassroots financial inclusion. Here in Chad, this is not a promise; it is a proven track record. 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. This demonstrates a deep, vested partnership with Chad's development agenda.
But true competitiveness requires an inclusive economy. This is why our presence extends far beyond capital cities into the very fabric of Africa. In Mozambique, we serve clients in Beira, a 16-hour drive from the capital. In Guinea Conakry, our branch in Nzerekore is 788 kilometers away, and in Uganda, we are in Gulu, 335 km from Kampala. By planting our flag in these regions, we are ensuring that the SMEs, the farmers, and the entrepreneurs who form the backbone of the economy are not left behind. We are financing competitiveness from the ground up, ensuring that every link in the value chain, from a remote farmer to a national utility, has the capital to grow.
Also, the model for success is clear. Africa's infrastructure transformation requires partnership, and that partnership has a structure:
International expertise and capital, particularly from partners like the UAE - bringing world-class technical prowess and strategic long-term investment.
African institutional banking and local knowledge - providing the on-the-ground intelligence, deal structuring, and capital mobilization that makes global capital work effectively in local contexts.
Development Finance Institutions (DFIs) like the World Bank and the AfDB - offering de-risking instruments and concessional finance that make projects viable.
When these elements align, we see meaningful results. Our recent whitepaper, 'Banking on Africa's Future,' launched at the World Bank-IMF Annual Meetings, demonstrates that strategic African anchor investment can attract international capital at a ratio of 10-to-1 or even 20-to-1. For Chad's $30 billion plan, this multiplier effect is the key that unlocks the vault.
Specifically, for the panel on Attractiveness, Industrialization, Water and Electricity, UBA is ready to partner in:
Structuring PPPs for solar plants and water treatment facilities, learning from the UAE’s own success with projects like the Hassyan Power Plant.
Providing syndicated loans and project finance to connect Chad to regional energy grids, ensuring stable, affordable power for industrial zones.
Deploying digital payment platforms to support Chad’s E-Tax and e-registry initiatives, making the business climate more transparent and efficient for every investor in this room.
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. We are here to be the financial engine, the trusted partner, and the bridge that connects visionary plans to tangible reality.
As we open this panel, let us remember that financing African competitiveness is not an act of charity. It is the smartest investment we can make in a future of shared prosperity.
As I round off, let me leave you with a quote from the great Sheikh Zayed bin Sultan Al Nahyan, the founding father of the UAE, whose vision mirrors the ambition we see in Chad today:
“On land and in the sea, our forefathers lived and survived in a difficult environment. 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. 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.
Your Excellencies, distinguished guests, this next panel will explore how to translate these principles into practice. I look forward to the insights of our expert panelists and to Ms. Laura Buckwell's moderation of what promises to be a substantive discussion."
Thank you.