The Nigerian National Petroleum Company Limited (NNPC Ltd) has secured a $1 billion loan backed by crude oil to assist in overcoming liquidity challenges faced by the Dangote Refinery.
Speaking at an energy relations stakeholder engagement event in Abuja, Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, explained that the initiative reflects the company’s commitment to public-private partnerships aimed at advancing Nigeria’s national development.
Soneye emphasized that under the leadership of Mele Kyari, Group Chief Executive Officer of NNPC Ltd, the company had achieved several milestones that have redefined the trajectory of Nigeria’s oil and gas sector.
These include the successful restart of the Port Harcourt Refinery, the adoption of Compressed Natural Gas (CNG) as a cleaner energy alternative, and the declaration of a historic profit for the first time in decades.
“In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround,” Soneye said.
Further highlighting the significance of the $1 billion loan, Soneye noted that it would help support the Dangote Refinery, which faced liquidity issues as it advanced toward becoming Nigeria’s first private refinery.
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He emphasised that this partnership would enhance the nation’s refining capacity and reduce dependence on imported refined products.
“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs,” Soneye said.
In addition, he cited the $3 billion Gazelle loan, another pivotal intervention secured by Kyari, which helped stabilize the federation during a difficult foreign exchange crisis.
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