- The Nigerian National Petroleum Company Limited secured a $1 billion loan backed by crude to aid the Dangote Refinery during liquidity issues
- NNPCL’s initiatives, including the loan, underscore its commitment to public-private partnerships and revitalizing Nigeria’s energy sector for national development
The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it obtained a $1 billion loan to support the Dangote Refinery during its financial challenges.
Olufemi Soneye, NNPCL’s Head of Corporate Communications, revealed this during the Energy Relations Stakeholder Engagement in Abuja.
He highlighted the company’s achievements under the leadership of Mallam Mele Kyari.
Soneye stated that the loan, secured with NNPC’s crude as backing, was pivotal in ensuring the completion of Nigeria’s first private refinery. “This initiative reflects NNPC’s commitment to fostering public-private partnerships that drive national growth,” he said.
He also highlighted the recommencement of operations at the Port Harcourt Refinery, describing it as a milestone in Nigeria’s journey toward energy self-sufficiency. “It reaffirms NNPC’s dedication to revitalizing the country’s refining capacity,” he added.
Further achievements under Kyari’s leadership include the promotion of Compressed Natural Gas (CNG) as an alternative energy source to address rising global energy costs. “This offers Nigerians a cleaner and more affordable energy solution,” Soneye noted.
Additionally, Soneye celebrated the company’s financial turnaround, noting that NNPC declared profit for the first time in decades.
“NNPC has already surpassed its profit projections for 2024, showcasing the effectiveness of Kyari’s transformative reforms,” he said.
He also mentioned the $3 billion Gazelle loan as a critical intervention to stabilize the nation during a foreign exchange crisis.
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