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HomeTop NewsPresident Tinubu seeks just energy transition, balancing oil investments with green growth

President Tinubu seeks just energy transition, balancing oil investments with green growth

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President Bola Tinubu reaffirmed Nigeria’s commitment to a balanced energy transition during a meeting with Standard Chartered Bank executives on Monday.

Emphasizing the need for substantial investments in the oil and gas sector, the President highlighted the importance of a just energy transition that supports vulnerable communities across the nation.

During his discussion with the Group Chief Executive of Standard Chartered Bank, Bill Winters, President Tinubu underscored Nigeria’s strategy to balance green industrial growth with the immediate energy needs of its population.

“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 run away from investments in this sector. We face the future prospect while prudently maximizing the present,” he stated.

President Tinubu emphasized the necessity of sustaining oil and gas investments alongside the pursuit of green energy solutions. “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,” he added.

The President acknowledged the strategic projects initiated by his administration to stimulate economic growth and reiterated his commitment to ongoing economic reforms aimed at stabilizing the economy.

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The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, described Standard Chartered Bank as a valued partner to Nigeria, providing essential finance for infrastructure projects and advisory services.

Edun disclosed the Bank’s interest in financing key infrastructure projects, including the Lagos-Calabar coastal highway, Port Harcourt-Maiduguri rail line rehabilitation, and a $3 billion innovative financing initiative for the NLNG dividend.

“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,” Edun noted.

He also highlighted the recent World Bank’s $2.25 billion financing package for Nigeria, reflecting the positive trajectory of the administration’s economic reforms.

Winters commended President Tinubu’s bold economic reforms, noting 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 Foluso Phillips, Chairman of Standard Chartered Bank Nigeria, and Dalu Ajene, the Chief Executive Officer of the Nigeria branch of the bank.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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