Tinubu advocates balanced energy transition, continued oil, gas investment with Standard Chartered execs.
By Esther Agbo
President Bola Tinubu has reaffirmed Nigeria’s commitment to a balanced approach to energy transition, emphasising the continued need for substantial investments in the oil and gas sector to meet the country’s energy and economic demands. This was stated during a meeting with Standard Chartered Bank’s Group Chief Executive, Mr. Bill Winters, held in Abuja on Monday.
This meeting emphasises the strong partnership between Nigeria and Standard Chartered Bank, with both parties committed to advancing the country’s economic and infrastructural development.
President Tinubu underscored the importance of a just energy transition that ensures the support of vulnerable communities while balancing immediate energy needs with the shift towards green industrial growth.
In his words: “We value your cooperation, friendship, and partnership. Substantially, we have oil and gas as our primary source of revenue today. As friends, we do not expect you to run away from investments in this sector. We face the future prospect while prudently maximising the present.
“Green industry and energy, yes. We will surely catch up with that. To run a marathon, you need energy today. Nigeria holds the largest reserves of gas in Africa. We know we can make best use of great opportunities that exist in the sector. We do not want you to back away from fossil fuels.
“I have seen retractions and retreat positions by some players in the industry. But for any energy transition to succeed, people must live and live well.
“We must be able to meet our obligations to the vulnerable communities. We are committed to being prudent with our natural resources to bring prosperity to our deserving people.
“As we hold the largest reserves in gas on the continent, we do not want to go backward, we want to move forward, and we welcome a deepened partnership with your institution.”
In addition to discussing energy investments, President Tinubu pointed to several strategic projects aimed at stimulating economic growth. He reiterated his administration’s commitment to sustaining economic reforms and stabilising the economy.
The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, praised Standard Chartered Bank as a crucial ally for Nigeria, highlighting their role in funding infrastructure, offering ratings advice, and managing Nigeria’s Eurobond responsibly.
He revealed that the Bank has shown interest in funding significant infrastructure projects in Nigeria, such as the Lagos-Calabar coastal highway, the rehabilitation of the Port Harcourt-Maiduguri rail line, and providing $3 billion in innovative financing for the NLNG dividend initiative.
He said, “They are also one of our lead managers for Eurobond issuance, and they advise us on our ratings. I am pleased to note that Moody’s has just completed our rating review and maintained Nigeria’s rating as a positive outlook, which is very encouraging.”
Edun also highlighted the recent positive rating review by Moody’s, which maintained Nigeria’s rating with a positive outlook. This follows the World Bank’s announcement of a $2.25 billion financing package for Nigeria, reflecting the positive impact of the current administration’s economic reforms.
Mr. Winters however praised President Tinubu’s bold economic reforms and acknowledged the international investment community’s recognition and support.
“We see ourselves as ambassadors to Nigeria in the international investment community, and we take our advisory role very seriously. We will continue to offer objective advice to the country because we have commitments in the country backed by our strong belief in what this administration is doing,” he concluded.
The Standard Chartered Bank delegation included the Chairman of Standard Chartered Bank Nigeria, Mr. Foluso Phillips, and the Chief Executive Officer of the Nigeria branch, Mr. Dalu Ajene.
