NEC approves $4.5B Gazelle 2 facility to refinance NNPC debt, unlock $3B liquidity

The National Economic Council (NEC) on Monday approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility, named Project Gazelle 2. This allows 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 strengthen the country’s external reserves. The approval was disclosed as part of monetary policy developments affecting national forex stability.

This move directly impacts Nigeria’s ability to manage foreign exchange pressures, potentially supporting naira stability amid parallel market fluctuations. Stronger external reserves typically help cushion the naira against volatility, influence import costs for businesses, and affect prices of fuel, electronics, and other dollar-denominated goods consumers purchase daily. The timing follows Monday’s naira appreciation to N1,365/$ in NFEM and N1,408/$ in parallel market.

NNPC Limited can now initiate the refinancing process to replace costly debt with potentially cheaper funding, while the $3B liquidity boost aims to bolster reserves for critical imports and debt servicing. How might this development affect naira stability and your purchasing power for imported goods in the coming months?

SOURCE: https://dailypost.ng/2026/08/04/nigerian-newspapers-10-things-you-need-to-know-tuesday-morning-139/