August 3, 2026
The approval came on Monday 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, Dr Taiwo Oyedele, on the significance of the refinancing arrangement.
The National Economic Council has approved the refinancing of the $3.3billion Project Gazelle Pre-Export Finance Facility through a new $4.5billion facility named Project Gazelle 2.
The approval came on Monday 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, Dr 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 $1.5billion under the original 2023 facility while unlocking an additional $3billion in liquidity to strengthen Nigeria’s external reserves and support ongoing fiscal and infrastructure priorities.
