President Bola Ahmed Tinubu has said that for the energy transition to succeed, vulnerable people must live well. He said this during a June 24 meeting with Bill Winters, the Group Chief Executive of Standard Chartered Bank, at the State House in Abuja.
During this shift, the meeting focused on Nigeria’s energy transition strategy and the necessary support for vulnerable communities.
President Tinubu emphasized the need for a just and balanced energy transition and the importance of substantial investments in the oil and gas sector to meet the country’s energy and economic needs.
“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 maximising the present,” he stated.
Tinubu stressed the importance of not abandoning fossil fuels prematurely, highlighting Nigeria’s significant natural gas reserves. “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,” he explained.
He further noted the need to utilize existing opportunities in the oil and gas sector to support economic growth and stability.
Addressing the concerns of some industry players retreating from fossil fuel investments, Tinubu insisted on the necessity of these investments for the well-being of vulnerable communities. “I have seen retractions and retreat positions by some players in the industry. But for any energy transition to succeed, people must live well. We must be able to meet our obligations to the vulnerable communities,” he said.
Tinubu reiterated Nigeria‘s commitment to prudently managing its natural resources to ensure prosperity for its 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 deepened partnership with your institution.”
The President also discussed his administration’s strategic projects across various sectors aimed at stimulating economic growth and reaffirmed his commitment to sustaining ongoing economic reforms and measures designed to stabilize the economy.
In response, Bill Winters praised President Tinubu’s bold economic reforms and acknowledged the international investment community’s recognition and support for Nigeria. “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,” Winters said.
The meeting underscored the critical need for a balanced approach to energy transition that does not forsake the population’s current energy needs. Tinubu’s call for continued investment in the oil and gas sector, alongside the development of green industries, aims to ensure a smooth transition that supports economic growth and meets the needs of vulnerable communities.
The ongoing dialogue and partnership with international financial institutions like Standard Chartered Bank are crucial for achieving these goals and securing Nigeria’s energy and economic future.