The Nigerian National Petroleum Company Limited (NNPCL) has secured a $1 billion loan backed by crude oil to support the commissioning of the 650,000 barrels per day Dangote Petroleum Refinery. This was revealed by NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, during the Energy Relations Stakeholders Engagement held in Abuja on Monday.
The loan, a strategic intervention, aims to address liquidity challenges while ensuring the completion and operationalization of Nigeria’s first private refinery. Highlighting the significance of this decision, Soneye stated that the initiative reflects NNPCL’s commitment to fostering public-private partnerships that drive national economic growth and energy sufficiency.
In addition to this, Soneye reiterated the importance of the $3 billion Gazelle loan facilitated by NNPCL to stabilize Nigeria’s foreign exchange market amidst economic challenges. He described the intervention as a critical milestone in the company’s quest to mitigate the pressures of FX volatility on the nation’s economy.
“Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector,” Soneye said. “The $3bn Gazelle loan helped stabilize the federation during a challenging foreign exchange crisis, while the $1bn crude-backed loan provided much-needed support to the Dangote Refinery.”
The Dangote Refinery, with a capacity of 650,000 barrels per day, is expected to significantly reduce Nigeria’s reliance on imported refined petroleum products and drive economic growth.
Soneye further highlighted other key achievements under NNPCL’s leadership, including the restart of the Port Harcourt Refining Company, a critical move towards revitalizing Nigeria’s refining capabilities. He described the effort as a “significant turning point in Nigeria’s quest for energy self-sufficiency.”
Additionally, he underscored NNPCL’s push for the adoption of Compressed Natural Gas (CNG) as a cleaner, more affordable energy alternative for Nigerians amidst rising global energy costs.
In financial performance, Soneye recalled NNPCL’s historic profit declaration in recent years, marking a turnaround for the national oil company. He revealed that NNPCL had already surpassed its 2024 profit projections, crediting the success to transformative reforms within the organization.
“As a responsible energy company, NNPC Ltd remains committed to strengthening Nigeria’s energy sector and solidifying its role as a global game-changer,” he pledged.
The stakeholders’ engagement emphasized the importance of collaboration, innovation, and sustainability in reshaping the global energy landscape. According to Soneye, energy relations are critical to NNPCL’s operations and aspirations as an integrated energy company.
“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.
The meeting underscored the shared vision to ensure energy security, economic development, and environmental stewardship for the benefit of Nigerians and the global community.
NNPCL continues to champion reforms that position Nigeria as a leading player in the energy sector, reaffirming its role as a driver of national progress and global innovation.
