The National Economic Council on Monday approved the refinancing of the $3.3bn Project Gazelle Pre-Export Finance Facility through a new $4.5bn facility named Project Gazelle 2.
The approval came at the 159th meeting of NEC, held virtually and chaired by Vice President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on the significance of the refinancing arrangement.
The approval allows the Nigerian National Petroleum Company Limited to refinance the outstanding balance of approximately $1.5bn under the original 2023 facility while unlocking an additional $3bn in liquidity to strengthen Nigeria’s external reserves and support ongoing fiscal and infrastructure priorities.
Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Stanley Nkwocha, revealed details of the approval in a statement he signed on Monday titled, ‘NEC Approves Refinancing of $3.3bn Project Gazelle to Optimise Cost, Unlock Additional Liquidity.’
According to Nkwocha, the Council observed the significance of unlocking additional liquidity for the federation and pledged its support for the actualisation of the initiative.
