Nigeria Today Magazine News,Nigeria NNPC reveals how it took $1 billion loan to support Dangote refinery, amid financial challenges

NNPC reveals how it took $1 billion loan to support Dangote refinery, amid financial challenges


Mele-Kyari

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The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it secured a $1 billion loan to assist the Dangote refinery project amid financial challenges. Olufemi Soneye, NNPC’s Head of Corporate Communications, made this announcement during the Energy Relations Stakeholder Engagement in Abuja.

Soneye highlighted the significant achievements of the company under the leadership of Mallam Mele Kyari, noting that the restart of the Port Harcourt Refinery marks a crucial step towards Nigeria’s energy self-sufficiency. He emphasized NNPC’s commitment to revitalizing the nation’s refining capacity and promoting Compressed Natural Gas (CNG) as a cleaner, cost-effective energy alternative.

He stated, “A strategic decision to secure a $1 billion loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for Nigeria’s first private refinery.” This initiative reflects NNPC’s dedication to fostering public-private partnerships for national development.

Soneye also reported that NNPC, under Kyari’s leadership, achieved profitability for the first time in decades, surpassing profit projections for 2024. Additionally, he referenced the $3 billion Gazelle loan, which was crucial for stabilizing the federation during a foreign exchange crisis.

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