The Nigerian National Petroleum Company Limited (NNPCL) has announced securing a $1 billion crude-backed loan to support the operations of the 650,000 barrels-per-day Dangote Petroleum Refinery.
The company also facilitated a $3 billion Gazelle loan aimed at stabilizing Nigeria’s foreign exchange market.
Chief Corporate Communications Officer, Mr. Olufemi Soneye, disclosed these developments during the Energy Relations Stakeholders Engagement held in Abuja on Monday.
In January 2024, NNPCL collaborated with Afreximbank to arrange a $3.3 billion crude oil prepayment facility, which has been recognized as the largest crude-backed financing deal in Nigeria and one of Africa’s largest syndicated debt arrangements.
“These initiatives highlight NNPCL’s commitment to fostering national development and strengthening partnerships,” Soneye remarked. He added that under the leadership of Mele Kyari, the company has achieved significant milestones, redefining Nigeria’s oil and gas landscape.
Soneye emphasized that the $1 billion loan was a strategic move to address liquidity challenges at the Dangote Refinery, ensuring the establishment of Nigeria’s first private refinery. “This underscores NNPCL’s dedication to supporting public-private partnerships that drive national progress,” he said.
In addition, he noted the ongoing rehabilitation of the Port Harcourt Refining Company as a major step toward achieving energy self-sufficiency in Nigeria. The initiative reaffirms NNPCL’s commitment to revitalizing the country’s refining capabilities.
Soneye highlighted the adoption of Compressed Natural Gas (CNG) as an alternative energy source, providing Nigerians with a cleaner, cost-effective option amidst rising global energy prices.
Reflecting on NNPCL’s recent achievements, Soneye stated that the company recorded its first-ever profit in decades and has already surpassed its 2024 profit projections, attributing these successes to transformative reforms.
“As a responsible energy company, NNPCL is committed to strengthening Nigeria’s energy sector while cementing its position as a global force for change,” he said.
At the stakeholders’ meeting, Soneye reiterated the importance of collaboration in shaping Nigeria’s energy future. “Together, we are driving a transformative era in the global energy landscape, prioritizing innovation, sustainability, and economic growth,” he said.
He further affirmed NNPCL’s dedication to fostering partnerships, delivering excellence, and creating value across the energy value chain. The meeting highlighted a shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all Nigerians.