A new $4.5 billion oil-backed financing facility for NNPC Limited has secured approval from the National Economic Council, paving the way to refinance an existing $3.3 billion pre-export loan and release an additional $3 billion in liquidity. The government said Project Gazelle 2 will bolster foreign reserves, ease pressure on NNPC’s cash flow and make more funds available for infrastructure.
The refinancing arrives as Africa’s third-largest economy works to rebuild its foreign reserves and meet fiscal priorities amid sustained pressure on the naira. It also supports President Bola Tinubu’s administration-wide push to stabilise the economy, strengthen the currency and draw foreign investment through its ongoing economic reforms.
