By Nelson Utip
A commercial bank in the country, Standard Chartered Bank is investing a whooping $3billion in NNLG and The Lagos -Calabar Highway, This was made known to Newsmen by Wale Edun, The Coordinating Minister of the economy and minister of finance, according to him, The Port Harcourt – Maiduguri rail line rehabilitation will also benefit in the largesse.
Describing the bank as a valued partner to Nigeria, The Minister applauded the bank for providing finance for infrastructure, advice on ratings, and the prudent management of Nigeria’s Eurobond. Edun stated this when he visited President Bola Ahmed Tinubu with the bank officials at the Presidential Villa, Abuja.
Bill Winters, The Group Chief Executive of Standard Chartered Bank with some other Officials had met with The President as part of their official engagements in Nigeria.
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”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 adding that Moody’s positive outlook rating was enhanced by 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, President Tinubu said 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 citizens, he highlighted the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians.
”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 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 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.
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”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 backwards, we want to move forward, and we welcome a deepened partnership with your institution.” The President said.
President Tinubu also highlighted strategic projects across different sectors embarked upon by his administration to stimulate economic growth.
Tinubu restated his administration’s commitment to sustaining ongoing economic reforms which is aimed at stabilizing the economy.
Winters in his remarks lauded President Tinubu’s economic reforms, he noted that the international investment community recognized and support the reforms.
