Nigerian Refineries Boost Demand for Crude to Cope with Debt Burden
The Nigerian National Petroleum Company Limited is expected to continue servicing its crude-for-loan obligations until 2029 as demand for oil by domestic refineries increases, putting pressure on the company's debt repayment efforts.
The Nigerian National Petroleum Company Limited (NNPCL) is expected to continue servicing its crude-for-loan obligations until 2029 as demand for oil by domestic refineries increases. The rise in local crude demand has placed pressure on NNPCL's debt burden, which is primarily due to the company's obligations related to these loans. This trend suggests that Nigeria's reliance on imported refined products may decrease, with a shift towards increasing its own production of crude oil to meet this growing domestic demand.
