NEC approves refinancing of $3.3bn Project Gazelle to optimise cost, unlock additional liquidity

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By Johnbosco Agbakwuru

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ABUJA — THE National Economic Council, NEC, has approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new US$4.5 billion facility, named Project Gazelle 2.

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The approval 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, support ongoing fiscal and infrastructure priorities of the government.

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This was the outcome of the 159th meeting of the National Economic Council, NEC, held virtually yesterday.

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NEC’s approval followed a presentation by the Minster of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, which was presented by Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.

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NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.

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Speaking at a briefing after the meeting, the finance minister explained that the refinancing had been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day (bpd) to approximately 78,750 bpd – a 12.5 percent reduction.

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He noted that under the new arrangement, an additional 11,250 bpd for the federation would be released, while there would be reduction in the pledged crude volumes by NNPC limited.

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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.

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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.

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According to him, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.

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He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”

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Market leader launches fire-fighting, waste-disposal trucks at trade fair complex

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By Elizabeth Osayande

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LAGOS — Following the incessant fire often witnessed in Balogun market and the huge cost of removing waste, the president of Balogun Business Association, BBA, Chief Oscar Odogwu, has launched fire-fighting and a compactor waste-disposal trucks for traders at Trade Fair Complex, Lagos.

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The trucks were officially launched and handed over to the traders at the BBA complex, with the president using the occasion to unveil new “signature projects” for the association.

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President of Auto Spare Parts and Machinery Dealers Association, ASPAMDA, Trade Fair Complex, Lagos, Ngozi Emechebe, and other market leaders, praised the BBA President for the procurement.

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Emechebe expressed delight over the procurement, stating that the market leader took the bull by the horns by introducing new innovations and meeting the needs of the people.

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“I often tell people that true leadership rests in integrity. By bringing these two trucks, to me, he has achieved the feat of the office. Imagine incurring costs due to fire outbreaks, and the huge cost of disposing of waste.

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‘’Recently, LAWMA’s cost of a trip to remove waste is over N350,000. So, these two trucks are going to serve and save the people of Balogun Business Association,” he said.

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He promised to urge her executives to emulate the “giant strides of Odogwu” and called on BBA members to support the President.

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“If you nor support him, he will not achieve these feats. When you are asked to do anything by the president, do support him, as anything he has achieved in this office will be in record.”

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Earlier, Chief Oscar Odogwu stated that the menace caused by incessant fire, along with the huge amount spent daily on waste disposal within the complex, necessitated the purchase of the trucks.

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