President Bola Tinubu on Monday sought the partnership of foreign investors to explore Nigeria’s gas reserve to accelerate Nigeria’s prosperity.
At a meeting with the Group Chief Executive of Standard Chartered Bank, Mr. Bill Winters, in Abuja, Tinubu said Nigeria holds the largest reserves of gas in Africa.
He said: We know we can make the best use of the great opportunities that exist in the sector.”
According to him, Nigeria still requires substantial investments in its oil and gas sector to meet its population’s energy demands and economic needs while pursuing a balanced energy transition.
Tinubu said in a statement by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, that the green industrial vision is complementary to the oil and gas investment drive.‘
He emphasized the importance of balancing the mutually beneficial shift towards green industrial growth and energy with Nigeria’s immediate energy needs.
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 future prospects while prudently maximising the 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.”
Tinubu, who cited retractions and retreat positions by some players in the industry, argued that for any energy transition to succeed, people must live and live well.
He added: “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 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.
The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, described Standard Chartered Bank as a valued partner to Nigeria, providing finance for infrastructure, advice on ratings, and prudent management of Nigeria’s Eurobond.
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