NEC approves refinancing of $3.3bn Project Gazelle to optimise cost, unlock additional liquidity

The finance minister added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country's financing structures.

By Johnbosco Agbakwuru ABUJA — 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. The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 bill