The National Economic Council has approved a 4.5 billion dollar Project Gazelle 2 financing facility to refinance Nigeria’s existing pre-export loan and strengthen the country’s external reserves. The decision was taken at the council’s 159th meeting chaired by Vice President Kashim Shettima.
The new arrangement will refinance the outstanding balance of the 2023 Project Gazelle facility while unlocking about 3 billion dollars in fresh liquidity for the economy.
Officials said the refinancing is expected to reduce borrowing costs, improve foreign exchange reserves and ease pressure on public finances. The agreement will also lower the volume of crude oil committed as collateral, freeing additional barrels for the Federation. The Federal Government said the transaction forms part of broader efforts to improve debt management, enhance fiscal sustainability and support economic stability.
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