The National Economic Council has 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”.
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‎This was the outcome of the 159th meeting of the Council held virtually. 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 and support ongoing fiscal and infrastructure priorities.
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‎NEC’s approval followed a presentation underscoring the importance of the project. The Council noted the significance of unlocking additional liquidity to the federation, among other benefits, and pledged its support for the actualisation of the initiative.
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‎Vice President Shettima also called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
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‎During the event, the Minister of Finance, Taiwo Oyedele, explained that the refinancing has been structured on more favourable terms than the original facility. These include a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 bpd — a 12.5 percent reduction.
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National Economic Council approves additional $1.2 billion refinancing of Project Gazelle
