The coordinating minister of the economy and finance, Wale Edun has announced that Standard Chartered Bank has expressed 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.
This was disclosed by the Minister when he led the bank officials on a visit to President Bola Tinubu at the Presidential Villa, Abuja, according to Businessday.
Edun lauded the bank as a valued partner to Nigeria, providing financing for infrastructure, rating assistance, and cautious administration of Nigeria’s Eurobonds.
Bank executives, including Standard Chartered Bank’s Group CEO Bill Winters, met with the president as part of their official obligations in Nigeria.
“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.
He also stated that Moody’s positive outlook rating comes after the World Bank’s recent announcement of a $2.25 billion funding package for Nigeria, demonstrating the good trajectory of the current administration’s economic reforms.
In his remark, President Bola Tinubu 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 population.
He said “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 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.
“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 a deepened partnership with your institution.”
President Tinubu also highlighted critical projects launched by his administration in several sectors to support economic growth.
He reaffirmed his commitment to continuing economic reforms and measures to stabilize the economy.
Meanwhile, the Winters praised President Tinubu’s significant economic changes, citing the world investment community’s recognition and support.
