The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it secured a $1 billion loan to support the Dangote Refinery during a period of financial difficulty.
This was revealed by the Head of Corporate Communications, Olufemi Soneye, during the Energy Relations Stakeholder Engagement in Abuja.
Soneye highlighted that the loan, backed by NNPCL’s crude, was a strategic move to facilitate the establishment of Nigeria’s first private refinery.
“A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery. This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development,” he said.
In his remarks, Soneye lauded the achievements of NNPCL under the leadership of Mallam Mele Kyari, describing them as groundbreaking.
He stressed the company’s strides in revitalizing Nigeria’s oil and gas sector and its commitment to energy self-sufficiency.
“The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity,” he stated.
Soneye also highlighted the adoption of Compressed Natural Gas (CNG) as a cleaner and more affordable alternative energy source for Nigerians amidst rising global energy costs.
Under Kyari’s stewardship, NNPCL has achieved several financial milestones, including declaring 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.
The company has already exceeded its profit projections for 2024, a testament to the transformative reforms he has implemented,” Soneye noted.
Kyari’s facilitation of a $3 billion Gazelle loan was instrumental in stabilizing Nigeria’s economy during a challenging foreign exchange crisis.
