*President Bola Ahmed Tinubu receives in audience StandardChartered Bank executives, says green industrial vision is complementary to oil and gas investment drive in the country

Isola Moses | 绿帽献妻

President Bola Ahmed Tinubu has restated Nigeria’s commitment to adopting a balanced approach to energy transition in the oil and gas sector of the Nigerian economy.

The President noted the West African country yet requires substantial investments in the oil and gas industry to meet the energy demands and economic needs of the citizens.

Tinubu stated this while speaking at a meeting with Mr. Bill Winters, Group Chief Executive of Standard Chartered Bank, Monday, June 24, 2024, in Abuja, FCT.

The Nigerian leader advocated a just energy transition that supports vulnerable communities across the country.

He equally highlighted the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerian consumers.

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, stated Tinubu said:

”We value your cooperation, friendship, and partnership.

鈥淪ubstantially, 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.”

The President also stated: “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.

鈥淲e 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.”

He noted: “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.”

The President further said: “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 deepened partnership with your institution.”

Tinubu highlighted strategic projects across different sectors embarked upon by his administration to stimulate economic growth.

He reiterated his commitment to sustaining ongoing economic reforms and measures to stabilise the economy.

Speaking at the meeting, Mr. Olawale Edun, Honourable Minister for Finance and Coordinating Minister for the Economy, described Standard Chartered Bank as a valued partner to Nigeria, providing finance for infrastructure, advice on ratings, and the prudent management of Nigeria鈥檚 Eurobond.

The Minister disclosed that the financial institution has indicated interest to finance key infrastructure projects in Nigeria.

He noted such infrastructure projects include the Lagos-Calabar Coastal Highway, Port Harcourt-Maiduguri Rail Line rehabilitation, as well as the provision of $3 billion in innovative financing for the NLNG dividend initiative.

Edun stated:

“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鈥檚 has just completed our rating review and maintained Nigeria鈥檚 rating as a positive outlook, which is very encouraging.”

He also disclosed the Moody鈥檚 positive outlook rating followed the recent announcement of the World Bank鈥檚 $2.25 billion financing package for Nigeria, reflecting the positive trajectory of the current administration鈥檚 economic reforms.

In his remarks, Mr. Winters, StandardChartered Bank Group CEO, lauded President Tinubu鈥檚 bold economic reforms.

He noted the international investment community’s recognition and support.

Winters said: “We see ourselves as ambassadors to Nigeria in the international investment community, and we take our advisory role very seriously.

鈥淲e 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.”

The delegation from StandardChartered Bank included Mr. Foluso Phillips, Chairman of StandardChartered Bank Nigeria, and Mr. Dalu Ajene, Chief Executive Officer of the Nigeria branch of the bank.

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