The National Economic Council approved the refinancing of NNPC’s $3.3 billion ‘Project Gazelle’ through a new $4.5 billion facility, ‘Project Gazelle 2’. This refinancing aims to optimize costs and enhance liquidity for Nigeria’s external reserves and government priorities.
The National Economic Council approved a $4.5bn refinancing of a $3.3bn oil-backed loan, allowing the Nigerian National Petroleum Company Limited to refinance $1.5bn and unlock $3bn in liquidity. The new terms include a reduction in pledged crude oil volumes.
The National Economic Council approved the refinancing of the $3.3 billion Project Gazelle through a new $4.5 billion facility, Project Gazelle 2. This will allow NNPC Limited to refinance $1.5 billion and unlock an additional $3 billion in liquidity.
