Standard Chartered Bank (SCB) has expressed interest in funding important infrastructure projects in the nation, such as the $3 billion financing for NLNG, the Port-Harcourt to Maiduguri rail line, and the Lagos to Calabar superhighway project, according to Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
According to a statement released by the Special Advisor to the President on Media, Ajuri Ngelale, he made these remarks following a meeting between President Bola Tinubu and the global Chief Executive Officer (CEO) of the bank at the state house in Abuja.
SCB was commended by Mr. Wale Edun as a valuable partner of Nigeria, emphasising the bank’s assistance in funding infrastructure projects, providing advice on credit ratings, and carefully managing Nigeria’s Eurobond.
Adding, he pointed out that Moody’s favourable outlook rating was a reflection of the current administration’s successful track record of economic reforms and came after the World Bank had announced a $2.25 billion funding package for Nigeria.
According to the statement, “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,” he added.
Green energy transition to complement oil and gas investment
Nigeria’s commitment to a fair approach to the energy transition was reaffirmed by President Bola Tinubu as seen in the local brand news. He underlined that in order to meet its energy demands and economic goals, the nation still needs to make significant investments in the oil and gas industry.
He believes that what is needed is a just energy transformation that helps the most vulnerable areas across the country. Nigerians’ immediate energy demands must be balanced with the mutually advantageous transition to green industrial growth and energy, the President stressed.
He stated, “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 added.
However, he conceded that certain participants in the sector have retracted their statements and shifted their stances. He did stress, though, that healthy living is a prerequisite for any energy shift to be successful.
