President Bola Tinubu Reaffirms Nigeria’s Commitment To A Just Energy Transition

President Bola Tinubu says Nigeria remains committed to a balanced approach to energy transition and still requires substantial investments in the oil and gas sector to meet the energy demands and economic needs of its population, adding that He does not expect investors to run away from investments in the sector.

Speaking at a meeting on Monday in Abuja with the Group Chief Executive of Standard Chartered Bank, Bill Winters, the President called for a just energy transition that supports vulnerable communities across the nation.

Highlighting the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians, the President said Nigeria values the cooperation, friendship and partnership with oil and gas as primary source of revenue.

The Coordinating Minister of the Economy and Minister of Finance, Wale Edun described Standard Chartered Bank as a valued partner to Nigeria, providing finance for infrastructure, advice on ratings, and the prudent management of Nigeria’s Eurobond.

He disclosed that the Bank has indicated interest to finance key infrastructure projects in Nigeria, including 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.

In his remarks, Winters lauded President Tinubu’s bold economic reforms, noting the international investment community’s recognition and support.

Speaking with Journalists after the visit,
the Group Chief Executive of Standard Chartered Bank said they see themselves as ambassadors to Nigeria in the international investment community, and take the advisory role very seriously.

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