The Nigerian National Petroleum Company Limited (NNPCL) has announced it secured a $1bn crude-backed loan to support the operations of the 650,000 barrels per day Dangote Petroleum Refinery.
The company also highlighted its facilitation of the $3bn Gazelle loan, aimed at stabilising Nigeria’s foreign exchange market.
The disclosures were made by Mr Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, during the Energy Relations Stakeholders Engagement held in Abuja on Monday.
Earlier this year, in January 2024, NNPCL partnered with Afreximbank to arrange a syndicated $3.3bn crude oil prepayment facility, described as the largest of its kind in Nigeria and one of the largest syndicated debt arrangements in Africa.
Soneye emphasized that these initiatives reflect NNPCL’s commitment to driving partnerships that contribute to national development.
“A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote refinery during liquidity challenges, paving the way for Nigeria’s first private refinery,” he said.
He also acknowledged the leadership of Mele Kyari, NNPCL’s Group Chief Executive Officer, for spearheading initiatives that have reshaped Nigeria’s oil and gas sector.
“Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. Additionally, Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis.”
Soneye noted the progress made with the Port Harcourt Refining Company’s restart, describing it as a significant step towards achieving energy self-sufficiency and revitalising Nigeria’s refining capacity.
Highlighting NNPCL’s commitment to alternative energy solutions, he pointed to the promotion of Compressed Natural Gas (CNG) as a cleaner, cost-effective energy option for Nigerians amidst rising global energy costs.
In a major financial achievement, Soneye recalled that NNPCL declared profit for the first time in decades, marking a significant turnaround for the company.
“NNPCL has already exceeded its profit projections for 2024, a testament to the transformative reforms and strategies being implemented under its current leadership,” he stated.
During the stakeholders’ meeting, Soneye emphasized the importance of collaboration and innovation in shaping Nigeria’s energy future.
“Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success,” he said.
He reiterated NNPCL’s commitment to building strategic partnerships and delivering value across the energy value chain.
“Energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations. Our shared vision remains to ensure energy security, drive economic growth, and promote environmental stewardship for the benefit of all.”
Soneye concluded by pledging that as a responsible energy company, NNPCL would continue to solidify its role as a transformative force, driving growth and sustainability both locally and globally.
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