The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has stated that Standard Chartered Bank has indicated interest to fund key infrastructure projects in the country including the Lagos to Calabar superhighway project, Port-Harcourt to Maiduguri rail line as well as $3 billion financing for NLNG.
He stated at the end of a meeting with the global Chief Executive Officer, (CEO) of the bank with President Bola Tinubu at the state house, Abuja according to a statement by the Special Adviser to the President on Media, Ajuri Ngelale.
Mr. Wale Edun praised Standard Chartered Bank as a valued partner to Nigeria, highlighting its contributions in financing infrastructure projects, offering guidance on credit ratings, and managing Nigeria’s Eurobond prudently.
He also noted that Moody’s positive outlook rating followed 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.
The statement reads, “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.”
“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,”
Green energy transition to complement oil and gas investment
President Bola Tinubu affirmed Nigeria’s commitment to a balanced approach to energy transition. He emphasized that the country still needs substantial investments in the oil and gas sector to meet its energy demands and economic needs.
According to him, a just energy transition that supports vulnerable communities nationwide is what is required. The President emphasized the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians.
He said, “As friends, we do not expect you to run away from investments in this sector. We face the future prospect while prudently maximising 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 best use of great opportunities that exist in the sector. We do not want you to back away from fossil fuels,”
“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.”
“As we hold the largest reserves in gas on the continent, we do not want to go backward, we want to move forward, and we welcome deepened partnership with your institution,”
He acknowledged that some industry players have made retractions and taken retreat positions. However, he emphasized that for any energy transition to succeed, it is essential that people must live well.
