NATIONAL ECONOMIC COUNCIL APPROVES ADDITIONAL 1.2 BILLION REFINANCING OF PROJECT GAZELLE

The National Economic Council (NEC) has approved an additional $1.2 billion refinancing for Project Gazelle, a strategic initiative aimed at strengthening Nigeria’s non-oil export sector and improving access to affordable financing for exporters.

The approval is expected to expand the project’s impact by providing more export businesses with the liquidity needed to increase production, boost competitiveness, and generate foreign exchange earnings. The refinancing will also support job creation, economic diversification, and sustainable growth in the country’s export value chain.

Project Gazelle is designed to unlock financing for exporters by leveraging confirmed export proceeds, enabling businesses to access working capital at more competitive rates. The additional funding underscores the Federal Government’s commitment to promoting non-oil exports as a key driver of economic development and reducing dependence on crude oil revenues.

The NEC noted that the refinancing aligns with broader efforts to stimulate investment, strengthen export capacity, and enhance Nigeria’s position in regional and global trade. The initiative is expected to contribute significantly to increased export volumes, improved foreign exchange inflows, and long-term economic resilience.

Advertisement