UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa

United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.

The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.

Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.

To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.

“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK

“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa

The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.

This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.

Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.

ABOUT UNITED BANK FOR AFRICA (UK) LIMITED

UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.

UBA

ABOUT UNITED BANK FOR AFRICA GROUP

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

ABOUT BRITISH INTERNATIONAL INVESTMENT

British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.

Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.

The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.

Tinubu Government Addressing Persistent Gas Shortage Causing Drop In Power Supply: Adelabu

Tinubu Government addressing persistent gas shortage causing drop in power supply: Adelabu. ”The reforms initiated by President Bola Tinubu are beginning to take root, and Nigerians will soon witness the full benefits,” the minister said.

Power Minister Adebayo Adelabu says the federal government has taken decisive steps to address persistent gas supply challenges affecting electricity generation.

Mr Adelabu said this on Thursday in his Eid-el-Fitr message made available by Bolaji Tunji, his special adviser on strategic communication and media relations.

He expressed optimism that these interventions were already yielding gradual improvements and would significantly enhance power supply in the near future.

“Concrete measures are being implemented to ensure more reliable and sustainable electricity for homes, businesses, and industries.

”The reforms initiated by President Bola Tinubu are beginning to take root, and Nigerians will soon witness the full benefits,” the minister said.

According to him, sustained public trust and cooperation are critical to the administration’s reform agenda.

He said the president was actively repositioning Nigeria on the global stage to attract investment and foster development.

“As we celebrate, we take pride in the strides being made under Mr President’s leadership, including his recent engagements in the United Kingdom, which promise significant gains in investment, bilateral relations, and economic cooperation.

”These milestones underscore a new direction for our nation. I urge all Nigerians to continue supporting these efforts so that the gains can be consolidated for the benefit of all,” he said.

Mr Adelabu also urged Nigerians to carry forward the spirit of sacrifice cultivated during the 30 days of Ramadan into a sustained commitment to national development.

He said collective discipline and selflessness remained vital to unlocking the nation’s vast potential.

The minister said that through continued personal and national sacrifice, the transformative agenda of Mr Tinubu would increasingly translate into tangible progress across key sectors of the economy.

Tinubu Government

“Let me warmly felicitate Nigerians, particularly our Muslim brothers and sisters, on this auspicious occasion. The past 30 days have been devoted to spiritual renewal, self-denial, and a recommitment to faith and righteousness.

”As we have individually sought purification and growth, we must now extend that same spirit of sacrifice to our nation through unwavering dedication to its progress.

”The challenges we face today are, without doubt, the building blocks of a more prosperous tomorrow,” he said.

Mr Adelabu called for unity, patience, and shared responsibility, noting that enduring national progress could only be achieved through collective sacrifice and steadfast commitment to a common vision.

Nigeria Sign Agreements With UK On Migration, Business Visas, Border Security

Mr Tunji-Ojo acknowledged that Nigeria had an existing, commendable working relationship with the UK Home Office.

Hon Olubunmi Tunji-Ojo (Chairman, House Committee for Niger Delta Development Commission)
Olubunmi Tunji-Ojo
The federal government of Nigeria and the United Kingdom have signed three memoranda of understanding (MoUs) to strengthen bilateral cooperation.

The agreements cover a migration partnership, cooperation on organised immigration crime and border security, and a statement of intent to expand business visas for UK companies operating in Nigeria.

The Minister of Interior, Olubunmi Tunji-Ojo, signed two of the MoUs on Wednesday and the third on Thursday on behalf of the federal government in the UK, according to a statement by his media aide, Babatunde Alao.

Mr Tunji-Ojo said the agreements reflected Nigeria’s commitment to a migration framework that is transparent and aligned with national interests and international obligations.

The minister said the partnership underscored a shared determination to build a migration system that is safe, orderly and mutually beneficial.

He added that the focus over the next year would be on achieving measurable progress and effective implementation, expressing hope that the agreements would serve as a model for future bilateral cooperation.

Mr Tunji-Ojo acknowledged that Nigeria had an existing, commendable working relationship with the UK Home Office.

“This relationship with the UK means a lot to us, and you can see the level of commitment that President Bola Ahmed Tinubu has put in,” Mr Tunji-Ojo said.

He reiterated that Nigeria remained steadfast in its duty to protect citizens while ensuring that those who abuse legal pathways or engage in criminality are held accountable.

While signing on the expansion of business visas for UK companies, Mr Tunji-Ojo said that, following Mr Tinubu’s bold reforms, the use of visas serves as a catalyst for socio-economic development in Nigeria.

Mr Tunji-Ojo emphasised that, in building a trillion-dollar economy, Nigeria must cut trade barriers, including those on irregular migration.

The UK Home Secretary, Shabana Mahmood, said Nigeria will always be categorised as number one in successful bilateral relations.

“We are obviously always having bilateral discussions with other countries; however, you will always be number one because you are the first to have gotten such an extensive agreement, and we really do appreciate it.

“I think we both understand one another, and I think we have a shared vision here for the work that our countries can do together, and I really do appreciate it,” the home secretary said.

During the signing of the third MoU, UK trade envoy Florence Eshalomi stated that the agreement to expand business visas for UK companies would bring clear benefits to both countries.

Ms Eshalomi attributed the heightened partnership as a bold step, vital for economic growth in Nigeria.

The MoU on Migration Partnership establishes a comprehensive framework for promoting safe, orderly, and regulated migration between the two countries, while reaffirming full respect for national laws, international obligations, and human rights.

In addition, the Statement of Intent on Cooperation on Organised Immigration Crime and Border Security establishes a three-year strategic plan between the UK Home Office and Nigeria’s Ministry of Interior (Nigeria) to combat criminal networks that profit from irregular migration.

Nigeria Sign Agreements With UK

The MoU on the Expansion of Business Visas for UK Companies Working with Nigeria announces the expansion of the Business Visa Scheme for UK companies seeking to conduct business in Nigeria, mirroring the UK’s existing enhanced processes for trusted Nigerian companies.

The scheme will be open to credible UK-domiciled firms with verified business or investment interests in Nigeria and is designed to facilitate easier mobility for legitimate business travellers between the two countries.