The Nigerian National Petroleum Company Limited (NNPCL) has announced securing a $1 billion crude-backed loan to support the operational launch of the 650,000 barrels-per-day Dangote Petroleum Refinery. The initiative underscores NNPCL’s commitment to driving public-private partnerships that bolster Nigeria’s energy sector.
Chief Corporate Communications Officer, Olufemi Soneye, disclosed this at the Energy Relations Stakeholders Engagement in Abuja on Monday. He highlighted the company’s role in addressing national challenges, including stabilizing Nigeria’s foreign exchange crisis through a $3 billion Gazelle loan.
Soneye lauded the leadership of NNPCL’s Group CEO, Mele Kyari, for redefining Nigeria’s oil and gas trajectory. “Under Kyari’s visionary leadership, NNPC Ltd has achieved groundbreaking milestones, including the $3 billion Gazelle loan, a critical intervention during a foreign exchange crisis,” Soneye stated.
He also celebrated the restart of the Port Harcourt Refinery as a key step towards achieving energy self-sufficiency. The refinery’s revival demonstrates NNPCL’s commitment to revitalizing Nigeria’s refining capacity.
NNPCL has championed the adoption of Compressed Natural Gas (CNG) as a cleaner, cost-effective energy alternative for Nigerians amid rising global energy costs. The company’s first-ever profit declaration in decades and its surpassing of 2024 profit projections reflect transformative reforms under Kyari’s leadership.
Soneye emphasized the importance of stakeholder collaboration 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.
NNPCL reaffirmed its commitment to fostering meaningful partnerships, driving excellence, and ensuring energy security while positioning itself as a global energy leader. Through strategic initiatives, the company aims to secure Nigeria’s energy future, support economic growth, and promote environmental sustainability.
