How We Secured $1 Billion Loan For Dangote Refinery When It Was Facing Liquidity Challenges – NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it secured a $1bn loan backed by crude oil to support the coming on stream of the 650,000 barrels per day capacity Dangote Petroleum Refinery.

The Chief Corporate Communications Officer, Olufemi Soneye, disclosed this at the Energy Relations Stakeholders Engagement in Abuja on Monday.

He also revealed that the firm facilitated the $3bn Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange crisis.

Speaking during the event, the spokesperson 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.”

Soneye also mentioned the restart of the Port Harcourt Refining Company, describing it as a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.

He stressed that the national oil firm had championed the adoption of Compressed Natural Gas as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.