The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that the federal government, through the company, secured a $1 billion loan to support the Dangote Refinery project during a period of financial difficulty.
Olufemi Soneye, NNPCL’s Head of Corporate Communications, made this known while speaking at the Energy Relations Stakeholder Engagement held in Abuja.
Highlighting the achievements of the national oil company under Mallam Mele Kyari’s leadership, Soneye stated:
“Permit me to digress briefly. Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved remarkable milestones, reshaping the future of Nigeria’s oil and gas sector.
The recommissioning of the Port Harcourt Refinery signifies a critical step towards achieving energy self-sufficiency in Nigeria, reaffirming the company’s commitment to restoring the nation’s refining capacity.
NNPC has also led the drive for the adoption of Compressed Natural Gas (CNG) as an alternative energy source, providing Nigerians with a cleaner and more affordable option amid rising global energy costs.
A strategic decision to secure a $1 billion loan, backed by NNPC’s crude resources, was crucial in supporting the Dangote Refinery during liquidity challenges, facilitating the establishment of Nigeria’s first private refinery. This initiative highlights NNPC’s commitment to fostering public-private partnerships that propel national development.
In a historic achievement, NNPC, under Kyari’s stewardship, declared a profit for the first time in decades, signifying a major financial turnaround. The company has already surpassed its profit projections for 2024, reflecting the transformative reforms implemented.
Additionally, Kyari was instrumental in securing the $3 billion Gazelle loan, a vital intervention that stabilised the federation during a challenging foreign exchange crisis.”
