NEC Approves $4.5bn Gazelle 2 To Unlock $3bn Fresh Liquidity

The National Economic Council (NEC) has approved the refinancing of the US$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 and support the government’s ongoing fiscal and infrastructure priorities.
This was the outcome of the 159th meeting of the National Economic Council (NEC) held virtually on Monday.
According to a statement by the vice president’s spokesman, Stanley Nkwocha, NEC...