By Kazeem Ugbodaga
The National Economic Council (NEC) has approved the refinancing of the US$3.3 billion Project Gazelle Pre-Export Finance Facility, paving the way for a new US$4.5 billion Project Gazelle 2 designed to reduce financing costs, strengthen Nigeria’s external reserves and unlock an additional US$3 billion in liquidity for the economy.
The approval was granted at the 159th meeting of the National Economic Council, held virtually on Monday and chaired by Vice President Kashim Shettima.
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Under the new arrangement, the Nigerian National Petroleum Company (NNPC) Limited will refinance the outstanding balance of about US$1.5 billion under the original 2023 Project Gazelle facility while securing fresh financing to support the Federal Government’s fiscal obligations and key infrastructure projects.
The Council approved the proposal following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, which was delivered by the Vice President. Members of
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