NNPC Secures $1bn Crude-Backed Loan to Support Dangote Refinery
The Chief Corporate Communications Officer of Nigerian National Petroleum Company Limited (NNPC Ltd), Olufemi Soneye, announced on Monday that the company secured a $1 billion crude-backed loan to address liquidity challenges at the Dangote Refinery.
Speaking during an energy stakeholders’ engagement session in Abuja, Soneye highlighted NNPC’s commitment to fostering public-private partnerships to drive national development. He noted that the loan was instrumental in facilitating the establishment of Nigeria’s first private refinery.
Under the leadership of Mele Kyari, Group Chief Executive Officer of NNPC Ltd, the company has achieved significant milestones. These include the successful restart of the Port Harcourt Refinery, pioneering the adoption of Compressed Natural Gas (CNG), and declaring its first profit in decades.
Milestones Under Mele Kyari’s Leadership
Soneye praised Kyari’s leadership for delivering a historic financial turnaround. “In a groundbreaking achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a transformative moment for Nigeria’s oil and gas sector,” he stated.
He described the restart of the Port Harcourt Refinery as a turning point in Nigeria’s pursuit of energy self-sufficiency, reaffirming NNPC’s dedication to revitalising the nation’s refining capacity.
Focus on Clean Energy Solutions and Partnerships
Soneye emphasised NNPC’s role in championing Compressed Natural Gas (CNG) as a cleaner, more affordable alternative energy source for Nigerians, especially amidst rising global energy costs.
“A strategic decision to secure a $1 billion loan backed by NNPC’s crude played a vital role in supporting the Dangote Refinery during liquidity challenges. This initiative reflects NNPC’s commitment to fostering public-private partnerships for national development,” he added.
Financial Success and Economic Stability
Soneye revealed that NNPC Ltd has already surpassed its profit targets for 2024. He further noted that Mr Kyari’s leadership was pivotal in securing the $3 billion Gazelle loan, a critical intervention that stabilised Nigeria’s economy during a period of foreign exchange volatility.
A Transformative Force in the Energy Sector
Reaffirming NNPC’s role in shaping Nigeria’s energy future, Soneye assured that the company would continue to strengthen the sector, solidify its legacy, and position itself as a global game-changer.
He stressed the importance of energy relations in achieving NNPC’s strategic goals. “In an evolving global energy landscape, building strong relationships with stakeholders across the value chain is essential to achieving our objectives and ensuring energy security for today and tomorrow,” Soneye concluded.
