The Nigerian National Petroleum Company Limited has serviced part of its $3bn forward-sale loan from the African Export-Import Bank with crude oil worth N991bn in 2024, according to its 2024 financial statement report. The repayment was tied to Project Gazelle, a forward crude oil supply agreement signed in 2023.

On August 17, 2023, The PUNCH reported that the NNPC announced it had secured a $3.3bn emergency loan to repay crude oil obligations from Afreximbank. It explained that the loan would be used by the oil company to support the Federal Government in stabilising Nigeria’s exchange rate.

“The NNPC Ltd. and AFREXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3bn crude oil repayment loan,” NNPC said in a statement.

“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market,” it added.

Under the deal, NNPC committed to deliver 90,000 barrels of crude oil per day from Production Sharing Contract assets to back a funding facility. According to the 2023 financial statement, a drawdown of $2.25bn had already been achieved by 31st December 2023, with principal repayment scheduled to begin in June 2024.

The funding carried an interest rate of 3-month LIBOR plus 6.5 per cent, with a 6 per cent margin and 0.5 per cent liquidity premium.

According to the 2024 financial statement, the drawdown on the facility had reached N4.9tn out of a total available N5.1tn, while N991bn worth of crude oil had been lifted in repayment, leaving an outstanding balance of N3.8tn at the end of 2024.

The report read, “In December 2023, NNPC Limited entered into a forward sale agreement with Project Gazelle Funding Limited to supply 90,000 bbl. of crude oil per day from Production Sharing Contract Assets for the settlement of a 5-year N2.7tn funding.

“The funding was utilised by the company to finance an advance payment of future taxes and royalty obligations due to the federation on PSC assets managed by the Company on behalf of the Federation.

“As at 31st December 2024, a drawdown of N4.9tn has been achieved from the initial facility of N5.1tn. The interest rate for the facility is 3-month SOFA plus 6.5 per cent while the margin and Liquidity Premium of 0.5 per cent respectively. A total value of Crude Oil worth N991bn has been lifted with a balance of N3.8tn as at 31st December 2024.”

The repayment was made between June and December 2024. However, NNPC did not disclose the identity of the offtakers or exact delivery volumes fulfilled in 2024.

The Project Gazelle arrangement has become one of NNPC’s most significant forward-sale financing vehicles, following a trend of oil-backed loans designed to shore up government revenues, refinance legacy debts, and meet budgetary obligations amid limited fiscal buffers.

The PUNCH earlier reported that the NNPC Ltd is burdened with crude-backed loan obligations estimated at N8.07tn.

The liabilities stretch across multiple forward-sale and project-financing arrangements that are expected to be serviced through substantial crude oil and gas deliveries. The commitments have become a major pillar of NNPCL’s funding structure following years of fiscal pressure, volatile crude production, and declining upstream investment.

Several of the facilities were used to refinance older debts, fund refinery rehabilitation, support cash flow, and meet government revenue obligations.

When assessed together, the company’s major crude-for-loan facilities—Eagle Export Funding (21,000 bpd), Project Yield (67,000 bpd), Project Leopard (35,000 bpd), and Project Gazelle (90,000 bpd)—represent a combined commitment of 213,000 barrels per day, in addition to separate gas-delivery obligations under the NLNG arrangement.

The volume equates to a sizeable share of Nigeria’s daily crude output, underscoring the long-term implications of these arrangements for government revenue, export allocation, and operational flexibility.

The PUNCH also reported that Nigeria’s gross profit from crude oil and gas sales plunged by N824.66bn in 2024 despite a rebound in oil production, according to figures from the Budget Implementation Report for the fourth quarter of 2024 released by the Budget Office of the Federation.

Data from the report revealed that gross profit from crude and gas sales fell to N1.08tn during the year, from N1.90tn in 2023, representing a 43.32 per cent decline.

The Chief Executive Officer of AHA Strategies and oil and gas expert, Mr Ademola Adigun, earlier linked Nigeria’s declining oil earnings to opaque crude-for-cash agreements and undisclosed loan repayments that have tied up part of the country’s crude output.

He said some of the government’s oil barrels were already committed to debt settlements and forward-sale contracts, reducing the actual volume that brought fresh revenue into the Federation Account.

Adigun said, “Some of our crude is already tied up in loan agreements. The problem is that Nigeria doesn’t know the full details of these transactions because there’s little transparency around them.”

He explained that several crude-backed projects, such as Project Gazelle, were carried out without proper public disclosure or parliamentary scrutiny.

He added that the Nigeria Extractive Industries Transparency Initiative should strengthen its audits to determine how much of the country’s crude is being used for debt repayment or swap transactions.

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Chairman of Dangote Group, Aliko Dangote, on Friday said Nigerians will no longer experience fuel queues during the Christmas and New Year seasons.

Briefing State House correspondents after meeting with President Bola Tinubu at the Aso Rock Villa, Abuja, Dangote said his refinery has formally notified the Nigerian Midstream and Downstream Petroleum Regulatory Authority of its readiness to deliver 50 million litres of Premium Motor Spirit daily, far above national consumption.

He said, “Historically, Nigeria has battled fuel queues since 1972. For the first time, we are eliminating those queues, not through imports but by producing locally.

“Even when we were servicing the refinery, there were no queues. I can assure you that queues are now history.”

Dangote stated that the refinery will soon produce surplus volumes, adding that by February, it will supply 15–20 million litres more than Nigeria needs.

This, he argued, will allow exports to neighbouring countries, reducing the incidence of fuel scarcity across West Africa.

The industrialist also disclosed that domestic manufacturers, especially in the plastics industry, will now enjoy reliable access to locally produced feedstock, ending years of reliance on imports estimated at $400m annually.

Dangote also announced an expansion programme that will raise refinery capacity to 1.4 million barrels per day by 2028, surpassing India’s Reliance refinery, the world’s largest, at 1.25 million barrels per day.

“We have already signed the necessary agreements.

“Construction piling begins before the end of January, and we will deliver on schedule,” he announced.

He revealed plans to scale up the company’s urea production to 12 million tonnes annually, positioning Nigeria to overtake Russia and Qatar as the world’s leading producer.

“Our goal is to use our fertilizer company to supply the entire African continent,” Dangote said.

Dangote attributed the recent drop in petrol and diesel prices to increased competition and reduced smuggling.

“Prices are going down because we must compete with imports.

“Luckily, smuggling has dropped significantly, though not completely,” he explained.

He noted that the refinery business is a long-term national investment, saying, “We’re not here to recover $20 billion overnight.

“The legacy I want to leave is that whatever Nigerians need, fuel, fertiliser, power, we will be part of delivering it.”

Dangote further highlighted logistics constraints affecting Nigeria’s solid minerals sector, particularly the congestion of major ports.

“Apapa is full. Tin Can is full. Lekki is mainly for containers.

“You cannot export coal or copper if you have nowhere to ship from,” he noted.

To curb this, he explained that the Group is developing what would become West Africa’s largest deep-sea port at Olokola, expected to be completed in two to two-and-a-half years.

The Kano-born businessman expressed support for the Tinubu administration’s naira-for-crude initiative, describing it as a patriotic move to strengthen the economy, although he acknowledged pushback from international oil companies.

According to him, “It’s a teething problem, but it will be resolved, either through legislation or administrative action.”

On concerns about global competition, Dangote maintained that the refinery will thrive.

He said, “What we want is to make Nigeria the refining hub of Africa. All African countries import fuel. We want what we consume to be produced here.”

He also endorsed the government’s Nigeria-first industrial policy and urged wealthy Nigerians to channel resources into productive investment rather than luxury spending.

“If you have money for a private jet, invest in industries and create jobs,” he stated, adding that domestic investors must drive industrialisation to attract foreign capital.

Dangote acknowledged past hurdles, policy instability, smuggling, and factory closures, but expressed optimism that the country is now on a stable path toward sustainable industrial growth.

“Domestic investors must lead the way. Once they do, foreign investors will follow.

“Nobody advertises a good restaurant; when the food is good, word spreads,” he explained.

He described his meeting with President Tinubu as a routine consultation on the economy and business environment, noting that it was “a very fruitful meeting.”

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Former British Prime Minister Boris Johnson, on Thursday, declared he felt “perfectly safe” during his visit to Nigeria, dismissing negative security reports that had preceded his trip to Owerri, the Imo State capital.

Johnson made the statement while delivering the keynote address at the Imo State Economic Summit 2025, hosted by Governor Hope Uzodimma.

“I want you to know that when I decided to come to Owerri, I read some things, and there were people saying, ‘There may be some security problems in Nigeria.’ Have you heard that? And I said, ‘Well, I am going to go anyway.’

“And let me ask you: do you feel safe here today in this conference? Yes, we all feel safe. And I feel perfectly safe. Thank you, governor, for what you are doing,” Johnson said.

His call came amidst abduction and gun attacks in some parts of the country.

President Bola Tinubu recently declared a security emergency in the country, following a series of abductions, including the mass abduction of schoolgirls in Kebbi and Niger states and the raid of Christ Apostolic Church, Eruku, Kwara State, where 38 members were abducted and three others killed.

On December 31, 2025, President Donald Trump of the United States designated Nigeria as a “Country of Particular Concern,” following what he termed Christian persecution and killings.

Johnson, however, said that with what he had seen, he felt safe in Imo State.

The former prime minister said he was excited when Uzodimma invited him to the state for the summit.

He commended the governor for his push to provide 24-hour electricity in the state, as part of efforts to drive economic growth.

According to him, Artificial Intelligence would play a critical role in helping the governor realise that plan.

“Your focus on electricity is completely right. What is the future? The future is AI. For clean, sustainable electricity—and because of AI, it’s going to be colossal.

“I congratulate you for what you are doing to secure clean and sustainable power for Imo State and for the whole of Nigeria,” he said.

Johnson recalled that Nigeria and Britain share deep historic and cultural ties, strengthened by continuous exchanges of skilled professionals.

“I am very proud of what we export to Nigeria. We send you pharmaceuticals, bankers, services of all kinds, and automotive parts, and you send us so much in return: oil and gas, Nollywood movies, brilliant doctors, nurses, technicians, and tech geniuses from Nigeria. We are very, very grateful.

“We send you former United Kingdom prime ministers, and you send us future United Kingdom prime ministers in the form of Kemi Badenoch,” Johnson added.

Speaking at the summit, President Bola Tinubu said Imo State and Nigeria had investment opportunities ready to be tapped.

Tinubu, who was represented by Vice President Kashim Shettima, described Africa as the next continent for investment opportunities and called on investors to invest in Imo State and Nigeria.

According to him, the investment opportunities in Imo State were capable of commanding the attention of global investors.

He said Imo represented abundance in all sectors, with several untapped opportunities and called on investors to approach the state for investments.

He charged Imo people to embrace technology, noting that innovation would become the next chapter, and expressed hopes that the summit would yield a harvest of investments in the state.

“Imo is not just ready for investment, Imo is prime for transformation. Imo is open for business; Nigeria is open for business. The Asian Tigers are ageing, Africa, as a young continent, is the next destination,” the President said.

The President of Liberia, Joseph Boakai, said his country shared cultural similarities with Imo State, in population, size, and production of palm oil.

Boakai, who said Imo State is an inspiration, harped on the importance of partnership and innovation in the economic development of any nation.

First female President of Mauritius, Ameenah Gurib-Fakim, described Nigeria as the power-house of talents and resources.

She promised to drive Imo investments in renewable energy and expressed optimism that Africa will soon take over the world economy.

Former Secretary General of the United Nations, Ban Ki-moon, stated that Africa needed technological support and the benefits of switching from fossil fuel to green energy in order to save the climate.

Ki-moon commended Uzodimma for his investments in energy, education, infrastructure, digitalisation and other sectors.

Earlier, Uzodimma said the state was ready for an investment harvest.

He said Imo was blessed with huge resources, adding that the government had provided favourable conditions that investors could not resist.

Uzodimma said, “Imo is no longer rising, Imo has risen. When opportunity meets investment, what happens? Business happens. Business that transforms. Imo is ready to harvest your investments.

“We have provided security, we have provided power, we have provided infrastructure, we have provided ease of doing business. Imo is now the one-stop shop,” Uzodimma stated.

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