President Tinubu Advocates Balanced Energy Transition, Investment In Oil Sector

President Bola Tinubu said Nigeria was committed to a balanced approach to energy transition, while emphasizing on the ongoing need for significant investments in the oil and gas sector to ensure the country's energy demands and economic requirements.

During a meeting in Abuja on Monday with Standard Chartered Bank's Group Chief Executive Bill Winters, the president stressed on the importance of a fair energy transition that supported vulnerable communities in Nigeria.

Tinubu highlighted the importance of balancing the shift towards green industrial growth and energy with Nigeria's immediate energy needs.

"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," he said, as per the official State House website.

He added, "We face the future prospect while prudently maximizing 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."

The president noted that Nigeria was capable enough to make the best use of great opportunities that exist in the sector, adding that he doesn't want the banking corporation to back away from fossil fuels.

He further emphasized the importance of ensuring that any energy transition benefits people's livelihoods during discussions, highlighting the industry's shifts and stressing the need for prosperity for all, especially vulnerable communities.

"We must be able to meet our obligations to the vulnerable communities," he stressed.

President Tinubu stated that various strategic projects across different sectors aimed at boosting economic growth under his administration.

Coordinating Minister of the Economy and Minister of Finance Wale Edun praised the Standard Chartered Bank for being a valued partner to Nigeria as it provided finance for infrastructure, advice on ratings and the prudent management of Nigeria's Eurobond.

"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.

The minister added that Moody's positive outlook rating came after the World Bank announced a $2.25 billion financing package for Nigeria. This reflected the positive direction of the current administration's economic reforms.