Nigeria Clears $5 Billion NNPC Debt in Preparation for IPO

The Nigerian government has cleared a significant debt of around $5 billion owed by the Nigerian National Petroleum Corporation (NNPC), aiming to enhance transparency and attract foreign investment in the oil and gas sector. This debt cancellation is part of broader reforms to prepare NNPC for an initial public offering (IPO) in 2028.

The NNPC's debt relief covers both domestic and dollar-denominated liabilities, totaling approximately $5 billion. Despite this write-off, the government still faces unresolved legacy debts from 2011 to 2017.

NNPC has been signaling its intention to go public and commercialize its operations, with plans to list shares by 2025.