By Adedapo Adesanya
President Bola Tinubu has expressed Nigeria’s commitment to a balanced approach to energy transition, saying it still requires substantial investments in the oil and gas sector to meet the energy demands and economic needs of the country.
Speaking at a meeting on Monday in Abuja with the Group Chief Executive of Standard Chartered Bank, Mr Bill Winters, the President called for a just energy transition that supports vulnerable communities across the nation. The delegation from Standard Chartered Bank included Mr Foluso Phillips, Chairman of Standard Chartered Bank Nigeria, and Mr Dalu Ajene, the Chief Executive Officer (CEO) of the bank’s Nigerian operations.
According to a statement by Mr Ajuri Ngelale, Special Adviser to the President (Media & Publicity), at the meeting, President Tinubu highlighted the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians.
He 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 prospects 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. 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 backwards, we want to move forward, and we welcome a deepened partnership with your institution.”
President Tinubu also highlighted strategic projects across different sectors embarked upon by his administration to stimulate economic growth.
He reiterated his commitment to sustaining ongoing economic reforms and measures to stabilize the economy.
