By Gabriella Ogbu
The Nigerian National Petroleum Company Limited (NNPCL), has secured a $1 billion crude-backed loan to support the operational start-up of the 650,000 barrels-per-day Dangote Petroleum Refinery, marking a significant boost for Nigeria’s refining sector.
At the Energy Relations Stakeholders Engagement in Abuja, NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, also announced the facilitation of a $3 billion Gazelle loan to address Nigeria’s foreign exchange crisis.
Additionally, he highlighted the $3.3 billion syndicated crude prepayment facility secured in partnership with Afreximbank, considered one of Africa’s largest debt arrangements.
Soneye praised NNPCL’s leadership under Mele Kyari, noting transformative achievements, including the restart of the Port Harcourt Refinery and the promotion of Compressed Natural Gas (CNG), as a cost-effective energy alternative.
NNPCL also reported record-breaking profits, surpassing projections for 2024, which Soneye attributed to reforms and strategic investments.
He emphasized the company’s commitment to energy security, economic growth, and sustainability through public-private partnerships.
Soneye then reiterated NNPCL’s dedication to innovation and collaboration to solidify its position as a global energy leader while driving Nigeria’s development.
