There is no gainsaying that having a vision and purpose, gives direction to ones hustle as well as gives flight to dreams.  

To put in perspective, It helps you focus on what you want to achieve and the steps you need to take, to get you there. Without a clear vision, you may end up going in different directions, wasting time and resources.

For a number of individuals and institutions who have passionately followed this principle, the outcome has been, that of enviable success.

Individuals and organisations who get better at what they do, all over the world have constantly shown and proven that when you go at your dream  relentlessly even when it seems daunting, eventually it all comes together. That is consistency. It helps you gain mastery of a particular skill or set of skills. Consistency opens the door to expertise and eventual greatness.

Today, the iconic success story of UBA since coming into existence 75 years ago, typifies this and is indeed an exceptional one which is a testament to vision and sheer determination and truly deserves commendation.

Whether it’s in its  first rate customers service, passion to overall wellbeing, customer satisfaction, business growth, the ability to maintain a steady course over time from generation to generation as evidenced in the overwhelming testimonials of UBA generational customers, is one that has kept the bank constantly leap-frogging competition in bounds which is why UBA continues to enjoy enduring success.

This principle is brilliantly exemplified in what  the United Bank for Africa (UBA) PLC, a financial institution which has not only survived but thrived for 75 years stands for. Let’s look at how UBA’s unwavering commitment to excellence has allowed it to keep getting better with age.

Adapting to Change and Innovation

UBA has stayed relevant for 75 years by embracing technological advancements. From launching the first chat banking bot in Africa, the first cash deposit ATMs in Nigeria to launching the Braille account opening form for the visually impaired, The bank has continued to balance reliability with innovation.

A Legacy of Trust

While speaking during a global press conference as part of its 75th anniversary celebration, Group Managing Director, United Bank for Africa Plc (UBA), Mr. Oliver Alawuba, said: “Since 1949, UBA has continued to support and transform businesses across Africa, especially in the critical SME space. One such transformed business is Destination Global Investment, a beverage distribution company that was able to expand its business into major distributorship, through the support of UBA”.

“This he attested to the bank’s huge contribution to the growth of businesses and the bank’s unwavering dedication to its customers (C1st Philosophy) which has made it easy to build this legacy of trust and reliability”.

Alawuba also applauded the Group Chairman of UBA Group, Mr. Tony Elumelu for his visionary leadership and tutelage without which, he said the bank’s success would have been impossible.

Also, Alawuba noted that the bank remains committed to improving and facilitating intra-Africa trade, adding that the $6 billion it pledged for that purpose would be used to finance it and as well as support from Development Finance Institutions (DFIs).

“we are committed to developing Africa. We are committed to supporting the key sectors that are pushing African economies. And it is showing even in our performances and our businesses. If you look at our accounts and performance, you will see that our performance has continued to improve, reflecting clearly what we are doing.

“We don’t just support these businesses; we support all the value-chain that are tied to these businesses so that the SMEs will continue to thrive. SMEs are the future of Africa and will continue to provide support to SME businesses,” he said.

“We are committed to expanding our presence, seizing growth opportunities, and delivering value to all stakeholders. Collaboration and partnerships as exemplified by the $6 billion SME funding agreement signed with the African Free Trade Area (AfCFTA) will be instrumental in achieving our strategic objectives. We are dedicated to deepening relationships with customers, employees, regulators, and other stakeholders for mutual benefit and long-term success.

“As we embark on the next phase of our journey, I urge all stakeholders to continue their support and collaboration. Together, we will write the next chapter of success for United Bank for Africa Plc.”

The Central Bank of Nigeria (CBN) has expressed satisfaction with the strides made in stabilizing the naira as excessive volatility appears to be subsiding.

Speaking in an interview with Bloomberg TV on Tuesday, CBN Governor Olayemi Cardoso said the measures taken by the bank to support the currency will revitalize investor confidence.

“I do believe that we have more or less seen the worst in terms of volatility,” Cardoso stated. “We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools.”

Since taking office in September, Cardoso has overseen significant policy changes, including an increase in interest rates by 750 basis points to 26.25% and an overhaul of Nigeria’s exchange rate policies, effectively devaluing the naira.

These actions, alongside clearing a foreign-exchange backlog, have contributed to a more stable naira, even though it remains the world’s worst-performing currency this year, following the Lebanese pound.

“Reviving confidence in the naira is crucial for attracting investors to Nigeria,” Cardoso emphasized. “Our thoughts align with those of the governor,” added Olumide Sole, an analyst at Lagos-based Vetiva Capital Management Ltd. “Based on the purchasing power parity model, the naira is currently valued at 900 naira levels, which is far less than the current market price.”

The naira has traded in a narrow range between 1,473 and 1,490 per dollar this month, closing at 1,492.71 to the dollar on Tuesday.

“We’re relatively pleased with where we are,” Cardoso said, noting that while significant progress has been made, the central bank’s work is ongoing. “It’s continuous work in progress. And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that.”

The CBN’s efforts have also impacted Nigeria’s inflation rate, which has remained high due to the currency devaluation, food insecurity, and the removal of energy subsidies.

Last month, consumer prices rose by 34%, slightly up from 33.7% in April, indicating that inflation might be nearing its peak.

The governor declined to speculate on whether these developments signal an end to the tightening cycle that began in May 2022.

“Data will direct whether they see further hikes or not,” he said. “The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check.”

Cardoso also mentioned the importance of using orthodox monetary policy to achieve these goals. The steps taken by the CBN, coupled with fiscal reforms by President Bola Tinubu’s administration, have improved Nigeria’s liquidity.

The World Bank recently approved $2.25 billion in funding to support Nigeria’s economic reforms, boosting its foreign exchange reserves.

The CBN will continue to support measures to build the country’s reserves, including a potential eurobond issue.

“We should have a diversity of sources,” Cardoso said. “It shouldn’t just be the eurobond market, it shouldn’t just be foreign portfolio investors, it should be a hodgepodge of different things.”

Building these reserves is crucial for the CBN to meet demand in the foreign-exchange market and sustain the gains made in stabilizing the naira, Sole remarked.

The Debt Management Office (DMO) of Nigeria has announced that the country’s total public debt has risen to ₦121.67 trillion ($91.46 billion) as of March 31, 2024.

This represents an increase of ₦24.33 trillion from the ₦97.34 trillion ($108.23 billion) recorded at the end of December 2023.

The surge in debt is attributed to both domestic and external borrowings by the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT).

The DMO’s report reveals that Nigeria’s domestic debt now stands at ₦65.65 trillion ($46.29 billion), while the external debt is ₦56.02 trillion ($42.12 billion).

The DMO noted that the rapid increase in public debt is largely due to new borrowing to partially finance the 2024 Budget deficit and the securitization of a portion of the ₦7.3 trillion Ways and Means Advances at the Central Bank of Nigeria (CBN).

“The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the ₦7.3 trillion Ways and Means Advances at the Central Bank of Nigeria,” the DMO stated.

Despite the rising debt, the DMO remains optimistic about future debt sustainability, contingent on improvements in government revenue.

“Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the Government’s Revenue to enhance debt sustainability,” the DMO added.

The increase in debt comes at a time when President Bola Tinubu is preparing to present the 2024 Supplementary Budget to the National Assembly.

This follows the President’s approval of the ₦28.7 trillion 2024 Appropriation Bill on January 1, 2024, which was ₦1.2 trillion higher than the budget originally proposed in November 2023.

The 2024 budget, dubbed the “Budget of Renewed Hope,” set ambitious targets, including pegging the oil price at $77.96 per barrel and estimating daily oil production at 1.78 million barrels.

However, the naira has faced severe depreciation, plunging to nearly ₦2,000/$1 in February, before stabilizing around ₦1,500/$1.

Economic analysts warn that the escalating debt and currency depreciation could pose significant challenges to Nigeria’s economic stability.

The government’s ability to manage its borrowing and stimulate revenue generation will be critical in navigating these fiscal pressures.

As Nigeria grapples with these economic realities, the focus remains on finding sustainable solutions to manage the growing debt burden while fostering economic growth and stability.