The Nigerian National Petroleum Company Limited (NNPCL) has said that it secured a $1 billion crude oil-backed loan to support the commissioning of the Dangote Petroleum Refinery, which has a capacity of 650,000 barrels per day. Additionally, the company facilitated a $3 billion Gazelle loan as a crucial intervention to address Nigeria’s foreign exchange crisis.
The Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, shared these developments during the Energy Relations Stakeholders Engagement held in Abuja on Monday. He highlighted that earlier in January 2024, NNPCL arranged a $3.3 billion syndicated crude oil prepayment facility in collaboration with Afreximbank. This deal, described as the largest crude-backed facility in Nigeria and one of the largest syndicated debts in Africa, underscores NNPCL’s commitment to national development and economic stability.
Speaking at the event, Soneye emphasized NNPCL’s strides under the leadership of Mele Kyari, who has spearheaded transformative initiatives in Nigeria’s oil and gas sector. He stated, “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 $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis.”
Addressing the Dangote Refinery, Soneye noted, “The strategic decision to secure a $1 billion loan backed by NNPC’s crude was pivotal in supporting the Dangote refinery through liquidity challenges, paving the way for Nigeria’s first private refinery. This initiative underscores NNPC’s commitment to fostering public-private partnerships that drive national development.”
He also highlighted the revival of the Port Harcourt Refining Company, describing it as a milestone in Nigeria’s quest for energy self-sufficiency and a reaffirmation of NNPCL’s commitment to enhancing the nation’s refining capacity.
On energy diversification, Soneye noted that NNPCL is promoting the adoption of Compressed Natural Gas (CNG) as a cleaner and more cost-effective energy alternative for Nigerians amid rising global energy costs. He recalled the company’s historic achievement of declaring a profit for the first time in decades and revealed that NNPCL has already surpassed its profit projections for 2024, demonstrating the impact of its ongoing reforms.
Soneye reiterated NNPCL’s dedication to transforming Nigeria’s energy sector, pledging that the company would continue to strengthen the industry while establishing itself as a global leader in energy innovation.
At the stakeholders’ meeting, Soneye acknowledged the pivotal role of stakeholders in shaping Nigeria’s energy future. He said, “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 emphasised that energy relations remain central to NNPCL’s operations and strategic goals as an integrated energy company.
Soneye reaffirmed NNPCL’s commitment to building meaningful relationships, driving excellence, and delivering value across the energy value chain. The meeting highlighted a shared vision to ensure energy security, economic growth, and environmental sustainability for the benefit of all.
