The Nigerian National Petroleum Company Limited (NNPCL) has provided a significant financial boost to the Dangote Petroleum Refinery, securing a $1 billion loan backed by crude oil to aid the refinery’s establishment. This support comes as part of the company’s broader efforts to drive national development and enhance Nigeria’s energy capacity.
The Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, revealed this during the Energy Relations Stakeholders Engagement in Abuja on Monday. Soneye highlighted that the $1 billion loan was crucial in overcoming liquidity challenges and ensuring the successful establishment of Nigeria’s first private refinery, with a capacity of 650,000 barrels per day.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development,” Soneye stated. He also pointed to NNPCL’s role in facilitating the $3 billion Gazelle loan, which was a critical intervention to stabilize the country’s foreign exchange during a period of economic challenge.
In addition to the support for Dangote Refinery, Soneye praised NNPCL’s leadership under Mele Kyari, which has led to groundbreaking milestones in the country’s oil and gas sector. Notably, the national oil firm’s efforts have contributed to Nigeria’s first-ever profit declaration in decades, marking a significant turnaround in its financial trajectory.
Soneye further discussed NNPCL’s commitment to revitalizing Nigeria’s refining capacity, including the restart of the Port Harcourt Refining Company, a major step in the country’s goal of energy self-sufficiency. The company is also championing the adoption of Compressed Natural Gas (CNG) as a cleaner, cost-effective energy alternative, providing a sustainable solution amid rising global energy costs.
NNPCL has exceeded its profit projections for 2024, underscoring the success of the reforms implemented under Kyari’s leadership. The company continues to strengthen its position in the global energy market, fostering innovation and sustainability in its operations.
Soneye concluded the event by emphasizing the importance of collaboration among stakeholders in shaping the future of energy in Nigeria and beyond. He reiterated NNPCL’s commitment to delivering value across the energy value chain while ensuring energy security, economic growth, and environmental stewardship for the benefit of all.
