Nigeria’s National Economic Council on Monday approved the refinancing of NNPC \u200bLimited’s $3.3 billion oil-backed pre-export finance facility through a \u200cnew $4.5 billion arrangement aimed at strengthening the country’s external reserves and freeing up funds for infrastructure, the presidency \u200bsaid late on Monday.<\/p>\n
The new facility dubbed “Project \u200bGazelle 2”, will refinance approximately $1.5 billion outstanding \u2060under the original 2023 deal while unlocking \u200ban additional $3 billion in liquidity, the presidency said in \u200ba statement.<\/p>\n
The refinancing comes as one of Africa’s largest economies seeks to shore up its foreign reserves and fund \u200bfiscal priorities amid persistent pressure on the \u200bnaira currency and efforts to attract foreign investment through economic \u200creforms \u2060launched by President Bola Tinubu’s administration.<\/p>\n
Finance minister Taiwo Oyedele told the NEC that the new terms of the facility were more favourable than the \u200boriginal facility, with \u200bpledged crude \u2060oil volumes cut 12.5% to roughly 78,750 barrels per day from 90,000 \u200bbpd.<\/p>\n
This would free up resources for \u200bstrategic \u2060national priorities while improving Nigeria’s financing structures.<\/p>\n
Vice President Kashim Shettima, who chairs the NEC, said government policies \u2060were \u200bultimately measured by their impact \u200bon food prices, healthcare, education and household welfare, the presidency \u200bstatement added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria’s National Economic Council on Monday approved the refinancing of NNPC \u200bLimited’s $3.3 billion oil-backed pre-export finance facility through a \u200cnew $4.5 billion arrangement aimed at strengthening the country’s external reserves and freeing up funds for infrastructure, the presidency \u200bsaid late on Monday. The new facility dubbed “Project \u200bGazelle 2”, will refinance approximately $1.5 billion […]<\/p>\n","protected":false},"author":1,"featured_media":19782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":3,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[5371,175,5372],"class_list":["post-21682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-national-economic-council","tag-nigeria","tag-nnpc-limited"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=21682"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21682\/revisions"}],"predecessor-version":[{"id":21683,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21682\/revisions\/21683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/19782"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=21682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=21682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=21682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}