Standard Chartered Bank has interest in funding Nigeria’s, road, rail projects

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has disclosed that Standard Chartered Bank is interested in funding key infrastructure projects in the country. These include the Lagos-Calabar superhighway project, Port-Harcourt-Maiduguri rail line as well as £3 billion financing for the NLNG.

Edun made this known 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, according to a statement by the Special Adviser to the President on Media, Ajuri Ngelale. He commended the bank for its contributions in financing infrastructure projects, offering guidance on credit ratings, and managing Nigeria's Eurobond prudently. Edun further noted that 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.

According to the statement, President Bola Tinubu affirmed Nigeria's commitment to a balanced approach to energy transition.

He emphasised that the country still needs substantial investments in the oil and gas sector to meet its energy demands and economic needs.