The Nigerian National Petroleum Company Limited (NNPCL) has announced securing a $1 billion loan, backed by crude oil, to support the Dangote Petroleum Refinery. This move aims to address liquidity challenges and ensure the 650,000 barrels-per-day refinery becomes fully operational.

Speaking at the Energy Relations Stakeholders Engagement in Abuja, Mr. Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, said the loan showcases NNPCL’s dedication to supporting projects that drive national development.

The Dangote Refinery, Nigeria’s first private refinery, is expected to play a major role in reducing the country’s dependence on imported fuel and improving energy security.

In addition to this, NNPCL facilitated a $3 billion Gazelle loan earlier in 2024 to stabilize the country’s foreign exchange situation. Soneye emphasized that these efforts reflect the leadership of Mele Kyari, who has overseen key milestones that have transformed Nigeria’s oil and gas sector.

He also highlighted the restart of the Port Harcourt Refinery as a major step toward achieving energy self-sufficiency. Furthermore, NNPCL is championing the adoption of Compressed Natural Gas (CNG) as an alternative, clean, and affordable energy source for Nigerians.

NNPCL’s reforms have led to significant financial successes, including declaring profits for the first time in decades and exceeding 2024 profit projections.

Soneye reaffirmed NNPCL’s commitment to strengthening Nigeria’s energy sector, fostering innovation, and delivering value across the energy value chain.

He concluded by highlighting the importance of collaboration among stakeholders in shaping a sustainable energy future for Nigeria.