Standard Chartered Bank Pledges $3bn to Finance NLNG Dividend Initiative

The Standard Chartered Bank has indicated interest to finance key infrastructure projects in Nigeria, including the Lagos-Calabar coastal highway, Port Harcourt-Maiduguri rail line rehabilitation, as well as the provision of $3 billion in innovative financing for the Nigeria Liquefied Natural Gas (NLNG) dividend initiative.

The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, made the disclosure on Monday when he led the Group Chief Executive of the Bank, Mr Bill Winters, to the State House, Abuja, to meet President Bola Tinubu.

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

”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,” the Minister said.

The Minister also said 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.