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NEC Approves Refinancing Of $3.3bn Project Gazelle To Optimise Cost, Unlock Additional Liquidity
['Metro News Ng']
METRO DAILY Ng
*As VP Shettima demands responsive social protection policy to end poverty in NigeriaThe National Economic Council (NEC) has approved the refinancing of the US$3.3 billion Project Gazelle Pre-Export Finance Facility through a new US$4.5 billion facility named “Project Gazelle 2”.
This was the outcome of the 159th meeting of the National Economic Council (NEC) held virtually on Monday.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
Dr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
Earlier in his opening remarks, Vice President Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.