The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it provided critical support to the Dangote Petroleum Refinery through a $1 billion loan backed by crude oil. The assistance was pivotal to ensuring the establishment of Nigeria’s first private refinery, with a production capacity of 650,000 barrels per day.
The disclosure was made by NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, during the Energy Relations Stakeholders Engagement held in Abuja on Monday. He emphasized that the initiative was part of NNPCL’s broader commitment to fostering public-private partnerships that advance Nigeria’s development goals.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development,” Soneye said, describing the $1 billion loan as a strategic move to overcome liquidity challenges faced by the refinery.
In addition to its role in the Dangote Refinery, NNPCL facilitated a $3 billion Gazelle loan earlier this year to address the federation’s foreign exchange challenges. Soneye highlighted this achievement as evidence of the company’s transformative role under the leadership of Mele Kyari.
“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 $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis,” Soneye stated.
On the support for Dangote, he said, “A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.”
