NNPC seeks $500 million loan payable over 9 years to fix refineries

To fix the nation’s ailing refineries, the Nigerian National Petroleum Corporation (NNPC) said it has finalised plans to get external funds of $500 million.

The Group Managing Director of the Corporation, Dr Ibe Kachikwu, said this yesterday in Lagos as a guest speaker at a luncheon organised by The Petroleum Club Lagos. The NNPC chief said the decision to seek repayable fund is in line with the transformation of the NNPC to become an autonomous business venture.

The $500 million, Kachikwu said, will bring the refineries back on course to give the required capacity output, adding that the funds would be repaid over the next seven to nine years.