The Nigeria National Petroleum Company Limited (NNPC Ltd) has disclosed it facilitated a $3 billion loan to help stabilize the Nigerian economy.
Since the managed floating of the foreign exchange market, Nigeria has been battling with liquidity challenges.
Speaking at the Energy Relations Stakeholders Engagement Monday in Abuja, Chief Corporate Communication Officer of NNPC Ltd, Olufemi Soneye revealed that it also supported Dangote Refinery with $1 billion when it had liquidity challenges.
He said, “Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis.
“A strategic decision to secure a $1 billion 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.”
Stakeholders at the meeting include the National Association of Petroleum Explorationists (NAPE), the Green Clean Energy and Gas Practitioners Association of Nigeria (GCEGPAN) and the Oil Producers Trade Section (OPTS).
The CCCO emphasized the strategic importance of energy relations as the company seeks to achieve its mandate of energy security, economic growth and environmental stewardship.
According to Soneye, NNPC Ltd remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.
“Energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company. In a rapidly evolving global energy landscape, fostering strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives and ensuring energy for today and tomorrow
“In a rapidly evolving global energy landscape, fostering strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives.
“Energy relations are more than a strategic tool—they are integral to our mission to deliver energy for today and tomorrow, driving value for our stakeholders and empowering our nation,” the CCCO said.
The NNPC Ltd spokesman explained that under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of the country’s oil and gas sector.
“The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
“In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms he has implemented,” he added.
