Nigeria Approves $4.5bn Refinancing of State-Owned Oil Company

Nigeria has approved a new $4.5 billion loan to replace a 2023 loan of $3.3 billion.

Nigeria’s National Economic Council (NEC) approved the refinancing of NNPC Limited’s $3.3 billion oil-backed pre-export finance facility, with a new $4.5 billion arrangement aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.

The presidency said late on Monday that the new facility, dubbed “Project Gazelle 2”, will refinance approximately $1.5 billion outstanding…