President Bola Tinubu has emphasized Nigeria’s commitment to a balanced energy transition approach that accommodates the needs of vulnerable communities.
Speaking at a meeting on Monday with the Group Chief Executive of Standard Chartered Bank, Bill Winters, at the State House in Abuja, President Tinubu highlighted the necessity of substantial investments in the oil and gas sector to meet the country’s energy and economic demands.
President Tinubu stressed that while Nigeria is open to green industrial growth and energy, the country must also address its current energy needs.
According to a statement by his Media Adviser, Ajuri Ngelale, Tinubu said, “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.”
The President called for continued investments in fossil fuels to ensure the success of energy transition efforts, particularly for the vulnerable communities that rely on these resources.
The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, revealed that Moody’s recently maintained Nigeria’s positive outlook, which was encouraging news following the World Bank’s announcement of a $2.25 billion financing package for Nigeria.
This rating reflects the positive trajectory of the current administration’s economic reforms.
During the meeting, Tinubu discussed ongoing strategic projects aimed at stimulating economic growth, including infrastructure development and energy projects.
The President reiterated his administration’s commitment to sustaining economic reforms and stabilizing the economy.
Wale Edun described Standard Chartered Bank as a key partner in financing infrastructure and managing Nigeria’s Eurobond.
The Minister disclosed that the bank has shown interest in financing major infrastructure projects such as the Lagos-Calabar coastal highway, Port Harcourt-Maiduguri rail line rehabilitation, and providing $3 billion for the NLNG dividend initiative.
Bill Winters praised President Tinubu’s economic reforms and expressed the international investment community’s recognition and support for Nigeria’s efforts.
”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 said.
