Nigerian National Petroleum Company (NNPC) Limited has revealed that it secured a $1 billion loan backed by its crude to support Dangote refinery during liquidity challenges.
Gatekeepers News reports that NNPC’s spokesman, Femi Soneye made the revelation while speaking during an energy stakeholder engagement on Monday.
He said, “A strategic decision to secure a $1 billion 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.”
Soneye noted that the national oil firm has achieved innovative milestones and redefined the trajectory of Nigeria’s oil and gas sector under the leadership of Mele Kyari, NNPC’s group chief executive officer (GCEO).
He said, “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.”
“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.”
“In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround.”
The spokesman noted that NNPC has already exceeded its “profit projections for 2024”, describing the development as a “testament to the transformative reforms he has implemented.”
Soneye added that Kyari facilitated the $3 billion gazelle loan, “a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis.”
He said, “As a responsible energy company, NNPC Ltd continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.”
