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.
According to the Senior Special Assistant to Vice President Kashim Shettima on Media & Communications, the approval was the outcome of the 159th meeting of the National Economic Council (NEC) held virtually on Monday.
The financing allows NNPC Limited to refinance the outstanding balance of approximately 1.5 billion dollars under the original 2023 facility, while unlocking an additional 3 billion dollars in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Dr Taiwo Oyedele, which was presented by VP Shettima, who doubles as the Chairman of the Council, underscoring the importance of the project.
The council observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualization of the initiative.