Standard Chartered vows to fund Lagos-Calabar highway, other projects

Standard Chartered Bank has promised to finance some infrastructure projects in Nigeria, including the Lagos-Calabar coastal highway and Port Harcourt-Maiduguri rail line rehabilitation.

The bank also pledged the provision of $3 billion in innovative financing for the NLNG dividend initiative.

The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, disclosed this during a meeting with the Group Chief Executive Officer of Standard Chartered Bank, Bill Winters, alongside President Bola Tinubu at the Presidential Villa in Abuja on Monday, June 24, 2024.

Edun described the bank as a valued partner to Nigeria, providing finance for infrastructure, advice on ratings, and the prudent management of Nigeria’s Eurobond.

The minister said: “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.”

Tinubu flags off Lagos-Calabar coastal highway construction

He added that Moody’s positive outlook rating follows the recent announcement of the World Bank’s $2.25 billion financing package for Nigeria, reflecting the positive trajectory of the current administration’s economic reforms.

Also speaking, Tinubu said Nigeria remains committed to a balanced approach to energy transition and still requires substantial investments in the oil and gas sector to meet the energy demands and economic needs of its population.

Highlighting the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians, the president 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 prospect while prudently maximizing the present.”

On his part, Winters lauded President Tinubu’s economic reforms, noting the international investment community’s recognition and support.

He said: “We see ourselves as ambassadors to Nigeria in the international investment community, and we take our advisory role very seriously.

“We will continue to offer objective advice to the country because we have commitments in the country backed by our strong belief in what this administration is doing.”

The Star