The Nigerian National Petroleum Company Limited (NNPCL) confirmed it secured a $1bn crude-backed loan to support the Dangote Refinery during financial challenges, enabling the private facility to come on stream. The 650,000 barrels per day Dangote Refinery is pivotal for Nigeria’s energy security.
NNPCL’s spokesperson, Olufemi Soneye, highlighted this during an energy stakeholder meeting, emphasising public-private partnerships in advancing Nigeria’s oil and gas sector.
Additionally, NNPCL facilitated the $3bn Gazelle loan to stabilise the country’s foreign exchange crisis, showcasing its role as a financial and operational enabler.
Port Harcourt Refinery Revival
Soneye also pointed to the restart of the Port Harcourt Refinery, marking a milestone in Nigeria’s drive towards energy independence.
Impact of NNPCL’s Strategy
- Support for Local Refining: The $1bn loan enabled Dangote Refinery to overcome liquidity issues.
- Energy Security: Local refining reduces import dependency and pressure on Nigeria’s forex reserves.
- Cleaner Alternatives: NNPCL’s CNG initiatives aim to provide affordable and sustainable fuel options.
Under Mele Kyari’s leadership, NNPCL has also achieved record-breaking profits and financial stability, pledging further collaboration with stakeholders to strengthen Nigeria’s energy sector.
