Nigeria-Morocco Strengthen Economic Ties, Leading Bankers Chart Way Forward

Attijariwafa Bank and United Bank for Africa (UBA) Plc sign Memorandum of Understanding (MoU) by Mr. Tony Elumelu, Group Chairman UBA and Mr. Mohamed El Kettani, Chairman and CEO of Attijariwafa Bank Group. 

King Mohammed VI of Morocco and President Muhammadu Buhari have signed bilateral agreements, aimed at strengthening economic ties between Morocco and Nigeria. The agreements were signed on December 4 at the the Nigerian Presidential Villa in Abuja. 

The agreements cover the areas of investment, training, youth skills-building, oil and mining, tourism, infrastructure, banking, finance, insurance and logistics and represent the desire on the part of both countries to deepen political and economic ties.

During the event, Heirs Holdings and leading Moroccan bank, Banque Centrale Populaire (BCP), also signed a Memorandum of Understanding to collaborate on investing, co-financing, and exchange of information encouraging the identification of mutually beneficial investment opportunities across Africa. Heirs Holdings is an African proprietary investment company with interests in financial services, power, oil & gas, real estate & hospitality and healthcare. Its operations are rooted in the economic philosophy of Africapitalism; which proposes private sector-led long-term investment in Africa by Africans. Both organisations bring relevant experience as they work together to find new ways to create African solutions to African development challenges.   

The framework document, which outlines cooperation areas between Heirs Holdings and BCP, was signed by Heirs Holdings Chairman Tony O. Elumelu, CON, and Chairman/CEO of BCP Mohamed Benchaaboun. Elumelu who is also chairman of United Bank for Africa (UBA), the pan-African banking group with operations in 19 African countries, signed an investment and cooperation agreement with Attijariwafa Bank on behalf of UBA.

Both organisations, which have invested significantly in growing pan-African networks, will collaborate to identify common areas of interest and encourage investments in Morocco, Nigeria and Africa as a whole.

According to Mr. Elumelu, “This is an opportunity for the private sectors of both countries to collaborate to leverage on opportunities for sustainable economic growth. It shows that our leaders are committed to intra-African trade and to prioritising commercial relationships across borders. As businesses that both share a Pan-African perspective, we recognise the importance of intra African trade as a pillar of the continent’s economic transformation.”

Benchaaboun highlighted the opportunities in Nigeria and beyond in Sub-Sharan Africa. He said this agreement marks the beginning of a long-term partnership that will deepen African integration and help build confidence in our countries, as well as the continent as a viable investment destination.

Elumelu also assured that his Tony Elumelu Foundation would continue to support youth skills development in Morocco and North Africa as a whole, through the Foundation’s $100 million Tony Elumelu Foundation Entrepreneurship Programme, which identifies, trains, mentors and funds 1,000 entrepreneurs from across Africa, each year.