ABUJA, Nigeria – The National Economic Council (NEC) has approved the refinancing of the $3.3 billion Project Gazelle pre-export finance facility through a new $4.5 billion arrangement known as Project Gazelle 2, aimed at reducing financing costs and unlocking additional funds for the country. Okay News reports that the approval was granted during the 159th NEC meeting, chaired virtually by Vice President Kashim Shettima. He explained that the revised structure would release an additional 11,250 barrels per day to the federation while easing NNPC Limited’s crude commitment. According to Oyedele, the new financing arrangement will improve liquidity, free up resources for national development priorities and strengthen Nigeria’s overall financing framework. NEC also expressed support for the initiative, describing it as an important step toward improving the country’s fiscal position.