Tinubu restates Nigeria's commitment to balanced energy transition, calls for huge investment in oil and gas sector

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President Bola Tinubu has restated Nigeria’s commitment to a balanced energy transition, emphasizing the need for substantial investments in the oil and gas sector in order to meet its population’s energy and economic demands.

President Tinubu spoke at a meeting on Monday in Abuja with Bill Winters, Group Chief Executive of Standard Chartered Bank.

He asked global stakeholders to allow for a just energy transition that supports vulnerable communities nationwide.

Tinubu, who harped on the importance of balancing the shift to green industrial growth and energy with the immediate energy needs of Nigerians, said, “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 prospect while prudently maximizing the present.”

He highlighted Nigeria’s significant gas reserves and the need to utilize these resources to benefit the country.

According to him, “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.

“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.”

President Tinubu stressed on strategic projects across various sectors initiated by his administration to stimulate economic growth, highlighting his commitment to sustaining ongoing economic reforms and measures to stabilize the economy.

For Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, Standard Chartered Bank remains a valued partner to Nigeria, highlighting the bank’s role in financing infrastructure, advising on ratings, and managing Nigeria’s Eurobond.

The minister highlighted the bank’s interest in financing key infrastructure projects, including the Lagos-Calabar coastal highway and the Port Harcourt-Maiduguri rail line rehabilitation.

He said, ”Additionally, the bank plans to provide $3 billion in innovative financing for the NLNG dividend initiative.”

Edun recalled Moody’s recent positive outlook rating for Nigeria, which follows the announcement of the World Bank’s $2.25 billion financing package for the country.

Responding, Winters praised President Tinubu’s economic reforms. He said the international investment community has recognised this.

“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,” Winters said.