The Nigerian National Petroleum Corporation (NNPC) has revealed that it has concluded plans to get external funds of $500 million.

Group Managing Director of the Corporation, Dr Ibe Kachikwu, made this known while speaking as a guest at a luncheon put together by The Petroleum Club Lagos. Kachikwu noted that the decision to seek repayable fund is in line with the transformation of the NNPC to become an autonomous business venture.

The NNPC boss argued that the sum would bring back the refineries to give the required output capacity.

He added that the funds would be repaid over the next seven to nine years.

Kachikwu reiterated the determination of the corporation under his watch to making NNPC a profitable company; and to accomplish this target, he has adopted some measures including the unbundling of the corporation, cancellation of offshore processing agreement (OPA), crude swap and other unprofitable business models.

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