The United Bank for Africa (UBA) has inked a deal to deploy its full banking brand in France.

This was revealed in a statement late Thursday, in which Africa’s global bank attributed the feat to a business cooperation agreement with the French Finance Minister, Antoine Armand, as part of President Bola Ahmed Tinubu’s state visit to France.

During the visit, the Chairman of UBA Group, Tony Elumelu, in the presence of Tinubu and the President of France, Emmanuel Macron, signed the agreement indicative of support by the French Government for the deployment of UBA’s full banking operations in France.

During the signing ceremony, Elumelu said, “This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole and French and European customers transacting with Africa.

“Expanding into France is a natural progression, with Paris serving as our European Union hub as we continue to bring Africa and the world together through innovative financial solutions. Paris will join London, New York, and Dubai as a critical component of our unique global network.”

With this agreement, UBA joins the elite crop of tier-1 banks in Nigeria, running with a banking presence in France.

Tinubu arrived in France on Thursday for a two-day state visit, with both sides looking to deepen their economic and diplomatic ties.

The Ogun State Chamber of Commerce, Industry, Mines, and Agriculture (OGUNCCIMA) has applauded the contributions of the Dangote Refinery to Nigeria’s economy and its role in stimulating the private sector.

According to the OGUNCCIMA, the flagship industrial project has not only reshaped the country’s energy landscape but created opportunities for private enterprises and is driving sustainable economic growth.

The President of OGUNCCIMA, Lion Niyi Oshiyemi, on Tuesday, in Abeokuta, Ogun State, lauded the refinery’s achievements, pointing out its transformative impact on key economic sectors.

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In his words, “The Dangote Refinery is a game-changer for Nigeria’s economy. With a capacity to refine 650,000 barrels of crude oil daily, it has reduced Nigeria’s reliance on imported petroleum products, conserved foreign exchange, and fortified our energy security. This milestone reinforces the critical role the private sector plays in national development.”

He maintained that the impact of the Dangote Refinery on the private sector was profound.

“By creating thousands of direct and indirect jobs, the refinery has stimulated economic activities across multiple industries. From manufacturing to logistics, the project has provided businesses with opportunities to grow and innovate.

“The refinery’s operations have created employment for Nigerians at all levels while fostering technology transfer and skills acquisition. This has strengthened local businesses and equipped them with the tools to compete in domestic and global markets,” Oshiyemi noted.

The emphasis on local content has been a cornerstone of the Dangote Refinery’s strategy. By sourcing materials locally and partnering with indigenous companies, the refinery has supported the growth of Nigerian enterprises and encouraged investments in infrastructure, engineering, and technology.

He expressed the view that the ripple effects of the Dangote Refinery extend beyond the energy sector. Its presence has catalyzed industrialization by attracting investments in related sectors such as petrochemicals, manufacturing, and transportation. This multiplier effect has significantly expanded Nigeria’s industrial base and enhanced the nation’s economic competitiveness.

The OGUNCCIMA also highlighted the refinery’s contributions to addressing Nigeria’s balance of trade challenges. By producing refined petroleum products domestically, the refinery has reduced the need for costly imports while positioning Nigeria as a potential exporter of refined products within the African continent.

The impact of the Dangote Refinery goes beyond Nigeria’s borders, as it addresses Africa’s critical energy deficits and trade imbalances. By meeting the energy demands of neighboring countries and promoting intra-African trade, the refinery aligns with the objectives of the African Continental Free Trade Area (AfCFTA).

“This refinery is a shining example of what can be achieved through visionary leadership and investment in strategic sectors. It demonstrates Africa’s potential to compete globally and foster regional integration,” Oshiyemi remarked.

In addition to its economic contributions, the Dangote Refinery has maintained a strong commitment to corporate social responsibility. The Dangote Group’s investments in education, healthcare, and infrastructure have improved the quality of life for many Nigerians and strengthened community resilience.

“Dangote Refinery exemplifies the role of private sector enterprises in driving social progress alongside economic development. Its initiatives in healthcare and education are building a brighter future for Nigerians,” Oshiyemi added.

The OGUNCCIMA urged stakeholders across public and private sectors to emulate the Dangote Refinery’s innovative approach to development. By fostering partnerships and investing in transformative projects, Nigeria can achieve sustainable economic growth and reduce its reliance on external resources.

“This refinery stands as a model for what is possible when the private sector leads with vision and commitment. We call on all stakeholders to collaborate and replicate such success stories to build a resilient, self-reliant, and prosperous Nigeria,” Oshiyemi concluded.

Recall that the Dangote Refinery recently slashed the price of its petrol to N970 per litre to oil marketers, while assuring that further reduction was still possible in a foreseeable future.

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) from 27.25% to 27.50%, marking a 25-basis-point hike.

The announcement was made on Tuesday by the CBN Governor, Yemi Cardoso, following the Monetary Policy Committee’s (MPC) final meeting for the year at the apex bank’s headquarters in Abuja.

Governor Cardoso stated that the decision to raise the MPR, which serves as Nigeria’s benchmark interest rate, was unanimously agreed upon by the committee.

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He explained that the adjustment is part of efforts to address prevailing economic challenges while ensuring stability in the financial system.

Other key monetary policy parameters remain unchanged. The Cash Reserve Ratio (CRR) stays at 50% for Deposit Money Banks and 16% for Merchant Banks.

Similarly, the Liquidity Ratio (LR) was maintained at 30%, with the Asymmetric Corridor retained at +500/-100 basis points around the MPR.

More to follow……….