Standard Chartered Bank has committed to investing $3 billion in the Nigeria Liquefied Natural Gas (NLNG) project and has shown interest in financing key infrastructure projects across Nigeria, including the Lagos-Calabar superhighway and the Port-Harcourt to Maiduguri rail line.
This announcement was made by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, following a meeting with the bank’s global Chief Executive Officer and President Bola Tinubu at the State House in Abuja.
Edun commended Standard Chartered Bank as a valuable partner to Nigeria, emphasizing its important contributions to financing infrastructure projects, offering guidance on credit ratings, and managing Nigeria’s Eurobond prudently. “They are also one of our lead managers for Eurobond issuance, and they advise us on our ratings,” he stated.
Edun also highlighted the recent positive outlook rating from Moody’s, which followed the announcement of a $2.25 billion financing package from the World Bank for Nigeria.
This rating reflects the positive trajectory of the current administration’s economic reforms. “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,” Edun added.
President Bola Tinubu reaffirmed Nigeria’s commitment to a balanced energy transition approach, stressing the need for substantial investments in the oil and gas sector to meet the country’s energy demands and economic needs.
He emphasized the importance of a just energy transition that supports vulnerable communities nationwide, balancing the shift to green industrial growth with the immediate energy needs of Nigerians.
“As friends, we do not expect you to run away from investments in this sector. We face the future prospect while prudently maximizing the present,” President Tinubu stated, pointing to the need for continued investment in Nigeria’s oil and gas sector while planning for a sustainable energy future.
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