The National Economic Council (NEC) has approved the refinancing of the Nigerian National Petroleum Company (NNPC) Limited’s $3.3 billion Project Gazelle pre-export finance facility through a new $4.5 billion funding arrangement known as Project Gazelle 2.
The approval will enable NNPC Limited to refinance the outstanding $1.5 billion balance under the original facility secured in 2023, while unlocking an additional $3 billion in fresh liquidity.
According to the Council, the new financing is expected to strengthen Nigeria’s external reserves and provide additional resources to support the Federal Government’s fiscal objectives and critical infrastructure development.
Project Gazelle 2 is also expected to improve the country’s financial flexibility by restructuring existing obligations while creating room for increased investment in key sectors of the economy.
The approval forms part of broader efforts by the Federal Government to enhance fiscal sustainability, boost foreign exchange inflows and support economic growth through strategic financing initiatives.
