The Nigerian National Petroleum Company (NNPC) has made significant progress in repaying the loan it secured to finance its acquisition of a 20% stake in Dangote Refinery. Initially, the company took out a substantial loan of $1.036 billion in September 2021. As of December 31, 2023, NNPC has successfully repaid $625 million of this loan, reducing the outstanding balance to $425 million. This repayment progress is detailed in the audited financial statements for the year ending December 31, 2023, specifically under the section titled “Financing of Investment in Dangote Refinery,” which documents the loan’s source and repayment structure.
