NNPCL Secures $3 Billion Gazelle Loan To Tackle Nigeria’s Foreign Exchange Challenges
The Nigerian National Petroleum Company Limited (NNPCL), has said that it took decisive action to facilitate the securing of the $3 billion gazelle loan in order to help tackle the nation’s ongoing foreign exchange (FX) challenges.
NNPC also said that a strategic decision to secure a $1 billion loan backed by its crude was instrumental in helping the Dangote Refinery during liquidity challenges, NNPC Chief Corporate Communications Officer, Mr Olufemi Soneye disclosed these at the Energy Relations Stakeholders Engagement in Abuja on Monday.
Recounting some of the groundbreaking milestones achieved under the current leadership of the Company’s Group Chief Executive Officer, Mele Kyari, the Spokesperson said, “NNPC Ltd has achieved redefining the trajectory of Nigeria’s oil and gas sector.
“Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis.
“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.
“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.
He further noted that the NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround, adding that the company has already exceeded its profit projections for 2024, a testament to the transformative reforms the Kyari has implemented.
Speaking on the aim of the event, Soneye said 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
“As your trusted partner, NNPC Ltd remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain. This meeting underscores our shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all,” he stated.
