The Nigerian National Petroleum Company Limited (NNPCL) revealed that its $1 billion loan, secured through crude oil, played a pivotal role in bringing the Dangote Refinery on stream.
NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this during the Energy Relations Stakeholders Engagement in Abuja on Monday, December 16, as reported by Punch.
Soneye highlighted that the loan addressed liquidity challenges, facilitating the establishment of Nigeria's first private refinery and marking a major milestone for the nation’s energy sector.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development,” he was quoted to have said.
Soneye, however, did not give details of the $1 billion the NNPCL secured on behalf of Dangote Refinery, nor the terms of the agreement and modalities for payment.
He further hinted that the state-owned oil company facilitated a $3.3 billion Gazelle loan as a critical intervention to help stabilize the federation’s foreign exchange crisis.
The ICIR recalls that in January this year, the NNPCL revealed having a syndicated $3.3 billion crude oil prepayment facility in partnership with the African Export-Import Bank (Afreximbank).