Metro

Standard Chartered Bank to fund Lagos-Calabar highway, Port-Harcourt-Maiduguri rail line – Edun

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has stated that Standard Chartered Bank has indicated interest to fund key infrastructure projects in the country including the Lagos to Calabar superhighway project, Port-Harcourt to Maiduguri rail line as well as $3 billion financing for NLNG.

He stated at the end of a meeting with the global Chief Executive Officer, (CEO) of the bank with President Bola Tinubu at the state house, Abuja.

Mr. Wale Edun praised Standard Chartered Bank as a valued partner to Nigeria, highlighting its contributions in financing infrastructure projects, offering guidance on credit ratings, and managing Nigeria’s Eurobond prudently.

According to him, the Moody’s positive outlook rating followed 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.

“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,”

He said, “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,”

“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. ”

 

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