Deji Elumoye and Emmanuel Addeh in Abuja
The National Economic Council (NEC) yesterday approved the refinancing of the $3.3 billion ‘Project Gazelle’ pre-export finance facility through a new $4.5 billion facility named ‘Project Gazelle 2’.
The approval allows NNPC 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.
Essentially, refinancing involves replacing an existing debt with a new loan that offers different terms, lower interest rates, or a changed repayment period.
The development which formed the outcome of the 159th meeting of NEC) held virtually and followed a presentation by the Minister of Finance, Taiwo Oyedele. The meeting was chaired by Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
