The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that the federal government, through the company, secured a $1 billion loan to assist the Dangote Refinery during a period of financial difficulty.
NNPCL’s Head of Corporate Communications, Olufemi Soneye, made this known during the Energy Relations Stakeholder Engagement in Abuja. He highlighted the company’s strategic decision to support the refinery project using crude-backed financing, emphasizing NNPC’s role in strengthening public-private partnerships.
Soneye praised the leadership of Mallam Mele Kyari for driving transformative reforms. He noted that milestones, such as the restart of the Port Harcourt Refinery and the adoption of Compressed Natural Gas (CNG) as a cleaner alternative energy source, mark significant achievements under Kyari’s leadership.
Additionally, he commended the NNPC’s historic declaration of profit after decades of financial challenges, adding that the company has already surpassed its profit targets for 2024.
Soneye further mentioned the $3 billion Gazelle loan facilitated by NNPC, which helped stabilize Nigeria during the recent foreign exchange crisis, reinforcing the company’s commitment to national development.
