Tinubu says Nigeria remains committed to balanced approach to energy transition

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On Monday, President Bola Tinubu reaffirmed Nigeria’s commitment to a balanced energy transition, emphasising the need for substantial investments in the oil and gas sector to meet the country’s energy demands and economic needs.

Tinubu’s spokesperson reported that he made these remarks during a meeting 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 nationwide. He underscored the importance of balancing the shift to green industrial growth and energy with the immediate energy needs of Nigerians. Tinubu stated, “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 withdraw investments in this sector. We face the future prospect while prudently maximizing 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 the best use of the 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 meet our obligations to vulnerable communities. We are committed to being prudent with our natural resources to bring prosperity to our deserving people.

“As we hold the largest gas reserves on the continent, we do not want to go backward. We want to move forward and welcome deepened partnership with your institution.”

President Tinubu also highlighted strategic projects across different sectors initiated by his administration to stimulate economic growth. He reiterated his commitment to sustaining ongoing economic reforms and measures to stabilize the economy.

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 shown interest in financing key infrastructure projects in Nigeria, including the Lagos-Calabar coastal highway, the Port Harcourt-Maiduguri rail line rehabilitation, and the provision of $3 billion in innovative financing for the NLNG dividend initiative.

“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,” the Minister said.

The Minister also noted that Moody’s positive outlook rating follows the recent announcement of the World Bank’s $2.25 billion financing package for Nigeria, reflecting the positive trajectory of the current administration’s economic reforms.

In his remarks, Mr. Winters praised President Tinubu’s bold economic reforms and highlighted 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 said.

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