NNPCL Secures $1 Billion Loan to Support Dangote Refinery Launch

The Nigerian National Petroleum Company Limited (NNPCL) has announced a major milestone in Nigeria’s energy sector. The company has secured a $1 billion crude-backed loan to support the operational launch of the 650,000 barrels-per-day Dangote Petroleum Refinery.

According to Olufemi Soneye, Chief Corporate Communications Officer of NNPCL, the loan played a crucial role in supporting the Dangote refinery during liquidity challenges. This move has enabled the establishment of Nigeria’s first private refinery, underscoring NNPCL’s commitment to fostering public-private partnerships that drive national development.

In addition to the loan, NNPCL has also facilitated the $3 billion Gazelle loan, a critical intervention aimed at stabilizing the country’s foreign exchange crisis. The company has also restarted operations at the Port Harcourt Refining Company, a major milestone in Nigeria’s journey toward energy self-sufficiency.

Soneye further stated that NNPCL is championing the adoption of Compressed Natural Gas (CNG) as an alternative energy source. CNG is described as a cleaner and more cost-effective solution for Nigerians, especially amid rising global energy prices.

These developments demonstrate NNPCL’s dedication to revitalizing the country’s refining capabilities and driving national development.