The National Economic Council (NEC) on Monday approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility known as Project Gazelle 2.
The decision was reached at the 159th meeting of the Council, held virtually and chaired by Vice President Kashim Shettima.
It followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele.
Under the new arrangement, the Nigerian National Petroleum Company Limited (NNPCL) will refinance the outstanding balance of about $1.5 billion from the original 2023 facility while unlocking an additional $3 billion in liquidity.
The funds are expected to strengthen Nigeria’s external reserves and support fiscal and infrastructure priorities.
Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Stanley Nkwocha, disclosed the details in a statement.
He noted that the Council recognised the importance of the additional liquidity for the federation
