UBA CEO Alawuba Tells Why It Is An Economic Imperative To Empower Women

Oliver Alawuba, the Group Chief Executive Officer of the pan-African financial powerhouse catering to the needs of over 45 million customers globally, United Bank for Africa (UBA), has made a strong case for empowering women.

“Empowering women is not just an ethical obligation – it is an economic imperative,” the helmsman of the financial services group operating across 20 African countries, as well as the United Kingdom (UK), the United States of America (USA), France, and the United Arab Emirates (UAE), declared on Tuesday, October 15, 2024, at the EMPOWERHER Ceremony.

EMPOWERHER, which stands for “The Nigeria for Women Farming, Health, Empowerment, Justice, Entertainment, and Fundraising Programme/Project,” was held at the Villa Banquet Hall in the State House, Abuja.

Alawuba, who lauded the initiative by the Minister of Women Affairs, Uju Kennedy-Ohanenye, explained that “a woman with access to resources, education, and justice becomes a powerful force for change, lifting her family, her community, and her nation.”

He insisted that “when women thrive, societies prosper.” The CEO of the globally recognized financial institution, celebrating 75 years of high impact, added that “the United Nations has consistently emphasized that gender equality and women’s empowerment are at the heart of sustainable development. Studies show that if we close the gender gap in the workforce, global GDP could increase by as much as $12 trillion by 2025.”

Putting things in context, the bank chief defined empowering women as “equipping them with the tools to participate fully in all sectors of society, from agriculture to technology, from leadership to entrepreneurship.”

Providing more specific explanations, Alawuba disclosed that “it means ensuring they have access to healthcare, legal recourse, and educational opportunities. It means giving them a platform to make decisions and assert their rights.”

He pointed out that the theme of the event speaks to the holistic approach to empowerment—supporting women through farming, ensuring their health, advocating for justice, and amplifying their voices in all aspects of life.

The event was themed “Farming to Feed the Nation, Empowerment to Give Women Voices, and Justice for Crimes to Have Consequences via Mobile Court.”

Highlighting the role of women in contributing to the economy while ensuring food security, the Bank CEO noted that “women are the backbone of agriculture in Nigeria, contributing over 70% of the labor force in this sector. Yet, despite their indispensable role in feeding the nation, many women farmers remain under-resourced and lack access to financing, land, and technology. Empowering women in agriculture is not only a moral imperative but an economic necessity.”

Backing his position with facts, he stated that “according to the National Bureau of Statistics, women make up 49.3% of Nigeria’s population, and an estimated 70% of women in rural areas are engaged in agriculture. Closing this gap is critical for boosting food security, reducing poverty, and driving inclusive growth.”

Reinforcing his position that “when women are empowered, entire communities are lifted out of poverty,” he used the UBA example.

“At United Bank for Africa Plc (UBA), we recognize that women are the driving force behind sustainable development, innovation, and economic growth. Across our 24 countries of presence, we have actively embraced the potential and leadership of women, not just in words but in actions. With close to 50% female representation on our Board, 40% of Senior Management roles held by women, and an impressive 59% of our Graduate Management Trainees being female, we are truly leading the charge for gender equality in the corporate world,” Alawuba said, providing insight into the role of women in the operations of the financial powerhouse that grew earnings from N981.77 billion to N1.371 trillion (a 39.6% increase) in the first half of 2024.

Shedding light on the comprehensive scope of the Bank’s women empowerment efforts, Alawuba added that “beyond leadership and representation, through exclusive SME loan products tailored for women-led and women-owned businesses, we have ensured that 78% of our Working Capital Loans are empowering these women-led and women-owned enterprises. This unwavering commitment underlines our role as a foremost pan-African Global Banking Group dedicated to advancing women’s empowerment and fulfilling the promise of the United Nations’ Sustainable Development Goal 5, i.e., achieving gender equality and empowering all women and girls.”

Emphasizing the need for concerted efforts in empowering women, Alawuba urged Civil Society Organizations, Development Partners, and the Private Sector to support the EMPOWERHER Programme.

He re-emphasized that “by contributing to the EMPOWERHER programme, you are not only investing in women but also investing in the future of Nigeria.”