Energy Transition: We Must Strike Balance Between Sustaining Fossil Fuels and Going Green – Tinubu
President Bola Tinubu has 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.
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.
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 maximising 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 best use of 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 backward, we want to move forward, and we welcome 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.
In his remarks, Mr. Winters lauded President Tinubu’s bold economic reforms, noting the international investment community’s recognition and support.
”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,” he said.
The delegation from Standard Chartered Bank included Mr. Foluso Phillips, Chairman of Standard Chartered Bank Nigeria, and Mr. Dalu Ajene, the Chief Executive Officer of the Nigeria branch of the bank.
