The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that the Federal Government, through the company, took out $1 billion loan to assist the Dangote Refinery when it faced financial difficulties.
Olufemi Soneye, NNPC’s Head of Corporate Communications, made the announcement during the Energy Relations Stakeholder Engagement in Abuja.
Soneye praised the leadership of Mallam Mele Kyari, under whom NNPC has made significant strides in the oil and gas sector. He described Kyari’s leadership as “visionary” and highlighted the company’s efforts to transform Nigeria’s energy landscape.
He revealed that under Kyari, NNPC Ltd has achieved groundbreaking milestones, that has reshaped the future of Nigeria’s oil and gas industry. Soneye pointed to the restart of the Port Harcourt Refinery as a key milestone in Nigeria’s journey towards energy self-sufficiency.
In addition, he also noted NNPC’s role in promoting Compressed Natural Gas (CNG) as a cleaner, cost-effective alternative energy source, especially as global energy prices rise.
He highlighted that a strategic decision to secure a $1 billion loan, backed by NNPC’s crude, was crucial in overcoming liquidity challenges for the Dangote Refinery, Nigeria’s first private refinery. A move that highlights NNPC’s commitment to fostering public-private partnerships aimed at national development
