VP SHETTIMA NEC(billion projects)

Today, I chaired an emergency meeting of the National Economic Council (NEC), where Council 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 US$1.5 billion under the original 2023 facility, while unlocking an additional US$3 billion in liquidity to strengthen the country’s external reserves and support the government’s ongoing fiscal and infrastructure priorities.


NEC observed the significance of unlocking additional liquidity to the Federation, among other benefits, pledging its support for the actualisation of the initiative.

 

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