By Adeyemi Adekunle
Abuja, Nigeria In a crucial dialogue with Standard Chartered Bank’s Group Chief Executive, Bill Winters, President Bola Tinubu reaffirmed Nigeria’s dedication to a balanced energy transition while emphasizing the ongoing need for substantial investments in the oil and gas sector. This meeting, held on Monday in Abuja, underscored the nation’s strategy to harmonize immediate energy demands with long-term green industrial growth.
President Tinubu articulated Nigeria’s dual commitment to fostering sustainable energy practices and ensuring that current energy needs are met. “We value your cooperation, friendship, and partnership. Today, oil and gas remain our primary revenue source. As friends, we do not expect you to retreat from investments in this sector,” Tinubu stated.
President Tinubu highlighted Nigeria’s status as the holder of Africa’s largest gas reserves, he stressed the importance of leveraging these resources prudently to benefit vulnerable communities while progressing toward green energy goals. “To run a marathon, you need energy today. We are committed to making the best use of the opportunities within the oil and gas sector,” he added.
The President acknowledged a global shift towards renewable energy but emphasized that an abrupt move away from fossil fuels could jeopardize the well-being of many Nigerians. “For any energy transition to succeed, people must live and live well. We must meet our obligations to vulnerable communities and use our natural resources wisely to bring prosperity to our deserving people.”
President Tinubu also highlighted strategic projects initiated by his administration aimed at stimulating economic growth, reiterating his commitment to sustaining economic reforms and stabilizing the economy.
Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, praised Standard Chartered Bank as a valued partner in Nigeria’s development. He noted the bank’s role in financing key infrastructure projects, including the Lagos-Calabar coastal highway and the rehabilitation of the Port Harcourt-Maiduguri rail line. “Standard Chartered Bank has indicated interest in providing $3 billion in innovative financing for the NLNG dividend initiative. They also play a crucial role in our Eurobond issuance and ratings advisory,” Edun said.
The Minister’s remarks were bolstered by Moody’s recent rating review, which maintained Nigeria’s positive outlook, reflecting confidence in the current administration’s economic trajectory. This positive sentiment was further supported by the World Bank’s announcement of a $2.25 billion financing package for Nigeria.
Bill Winters commended President Tinubu’s bold economic reforms, emphasizing 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, driven by our strong belief in what this administration is doing,” Winters remarked.
The meeting also included key figures from Standard Chartered Bank’s Nigerian branch, including Chairman Foluso Phillips and CEO Dalu Ajene, underscoring the bank’s deepening commitment to supporting Nigeria’s economic development.
As Nigeria navigates the complexities of energy transition, President Tinubu’s balanced approach aims to ensure that the country remains on a path to sustainable growth while addressing the immediate energy needs of its population.
