By Johnbosco Agbakwuru
ABUJA — THE National Economic Council, NEC, has approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new US$4.5 billion facility, named Project Gazelle 2.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves, support ongoing fiscal and infrastructure priorities of the government.
This was the outcome of the 159th meeting of the National Economic Council, NEC, held virtually yesterday.
NEC’s approval followed a presentation by the Minster of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, which was presented by Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
