The Nigerian National Petroleum Company Limited (NNPC) has highlighted the pivotal role of its over $1 billion investment in Dangote Refinery, a 650,000 barrels-per-day facility, which has been instrumental in stabilizing the refinery during periods of liquidity challenges.
At an Energy Relations Stakeholder Engagement in Abuja on Monday, Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, explained that the crude-backed loan provided critical financial support to Dangote Refinery, especially at a time when Nigeria was grappling with serious liquidity constraints.
Soneye emphasized that under the leadership of Mele Kyari, NNPC has achieved “groundbreaking milestones,” including the restart of the Port Harcourt Refinery—marking a key step in Nigeria’s pursuit of energy self-sufficiency. This development reinforces NNPC’s commitment to revitalizing the nation’s refining capacity and reducing dependency on imported refined products.
The NNPC spokesperson also underscored the company’s proactive role in championing Compressed Natural Gas (CNG) adoption as a cleaner, more affordable energy alternative amid rising global fuel prices. He described the $1 billion loan as a strategic move that not only supported Dangote Refinery but also helped establish Nigeria’s first private refinery, highlighting NNPC’s focus on fostering public-private partnerships for national development.
Soneye further noted NNPC’s recent financial successes, including its first profit in decades, a significant milestone that marks a financial turnaround under Kyari’s leadership. He revealed that the company had already surpassed its profit projections for 2024, a testament to the transformative reforms introduced by Kyari.
The spokesman also highlighted NNPC’s role in securing the $3 billion Gazelle loan, which provided crucial support during Nigeria’s foreign exchange crisis. These financial interventions, he stated, reflect NNPC’s commitment to strengthening the energy sector and cementing its position as a transformative global force.
Energy relations, Soneye stressed, remain central to NNPC’s strategy as it navigates an evolving global energy landscape. By nurturing strong partnerships across the value chain, NNPC aims to ensure energy security, foster economic growth, and promote environmental sustainability.
Arinze Okafor, NNPC’s Head of Efficiency, spoke about the company’s shift to operating as a limited liability company, noting that it now depends on its own balance sheet rather than government funding. He emphasized that this transformation requires NNPC to focus on making its business ventures commercially viable and value-driven.
As NNPC continues to adapt to global energy trends, Soneye affirmed the company’s dedication to delivering value, ensuring energy sufficiency, and maintaining strong stakeholder relations across the energy value chain.
