Nigeria, Aug. 4 -- The National Economic Council (NEC) has approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new US$4.5 billion facility named 'Project Gazelle 2'.

The approval was part of the outcome of the 159th meeting of the NEC held virtually on Monday, where the council observed the significance of unlocking additional liquidity to the federation, among other benefits.

The council also pledged its support for the actualisation of the initiative.

The approval enables NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to bolster the country's external reserves and supp...