Deji Elumoye and Emmanuel Addeh in AbujaThe National Economic Council (NEC) yesterday 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’. Essentially, refinancing involves replacing an existing debt with a new loan that offers different terms, lower interest rates, or a changed repayment period. The meeting was chaired by Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project. NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative. 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.