The Nigerian National Petroleum Company Limited (NNPCL) has announced the successful securing of a $1bn loan backed by crude oil to support the operationalization of the 650,000 barrels per day capacity Dangote Petroleum Refinery.
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This strategic move was part of the national oil company’s broader commitment to fostering economic stability and public-private partnerships in Nigeria's energy sector.
In addition, the company facilitated the $3bn Gazelle loan, a critical intervention aimed at stabilizing Nigeria’s foreign exchange crisis during challenging economic times.
These developments were disclosed by the Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, during the Energy Relations Stakeholders Engagement held in Abuja on Monday.
Soneye described these initiatives as a testament to NNPCL’s dedication to driving national development partnerships and addressing key economic challenges.
He stated that under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
Kyari’s facilitation of the $3bn Gazelle loan was described as a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis.
Emphasizing the importance of the $1bn crude-backed loan, Soneye explained that the move was instrumental in supporting the Dangote Petroleum Refinery during liquidity challenges. According to him, securing the loan paved the way for the establishment of Nigeria’s first private refinery and underscored NNPCL’s dedication to fostering public-private partnerships that drive national development.
Soneye further highlighted the restart of the Port Harcourt Refining Company as a significant turning point in Nigeria’s pursuit of energy self-sufficiency.
He reaffirmed NNPCL’s commitment to revitalizing the country’s refining capacity to meet growing energy demands.
As part of its energy diversification initiatives, NNPCL has championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source.
This initiative, Soneye noted, provides Nigerians with a cleaner, more cost-effective energy solution amid rising global energy costs.
On financial performance, Soneye recalled that NNPC declared profit for the first time in decades, marking a historic financial turnaround for the company.
He added that NNPCL had already exceeded its profit projections for 2024, attributing the success to transformative reforms under its current leadership.
He pledged that as a responsible energy company, NNPCL would continue to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
During the stakeholders’ meeting, Soneye reiterated the importance of collaboration and innovation in shaping the future of Nigeria’s energy sector.
He described energy relations as the backbone of NNPC’s operations and strategic aspirations as an integrated energy company.
He emphasized that collaboration, innovation, and sustainability are key to success in the global energy landscape.
Soneye concluded by reaffirming NNPCL’s commitment to fostering meaningful relationships across the energy value chain.
He stressed the shared vision of ensuring energy security, economic growth, and environmental stewardship for the benefit of all stakeholders.