The National Economic Council (NEC) has approved the refinancing of the $3.3 billion Project Gazelle Pre Export Finance Facility through a new $4.5 billion Project Gazelle 2 initiative aimed at improving Nigeria’s financial position and unlocking additional liquidity for the economy.
The approval was granted during the 159th National Economic Council meeting, held virtually and chaired by Vice President Kashim Shettima.
Under the new arrangement, the Nigerian National Petroleum Company (NNPC) Limited will refinance the outstanding balance of about $1.5 billion from the original 2023 agreement while unlocking an additional $3 billion to strengthen Nigeria’s external reserves and support key infrastructure projects and fiscal priorities.
The proposal was presented by the Minister of Finance, Dr Taiwo Oyedele, who said the refinancing was secured on more favourable terms than the previous agreement.
According to Oyedele, the volume of crude oil pledged under the facility has been reduced from 90,000 barrels per day to about 78,750 barrels per day, representing a 12.5 percent reduction.
He explained that the revised terms would free up more crude oil for the federation while improving the country’s financing structure and providing additional resources for national development.
During the meeting, Vice President Shettima also called for a more responsive, scalable and data driven social protection system to tackle multidimensional poverty across Nigeria.
He urged members of the Council to ensure that government policies deliver tangible improvements in the lives of citizens, stressing that Nigerians judge governance by the cost of living, access to healthcare, quality education and economic opportunities.
Shettima further encouraged members of the Council to make decisions that demonstrate the government’s commitment to addressing the country’s challenges with competence, compassion and purpose.
