Nigeria approves $4.5 billion refinancing of NNPC oil-backed facility

Nigeria’s National Economic Council approved on Monday the refinancing of NNPC Limited’s $3.3 billion oil-backed pre-export finance facility, according to the presidency. The replacement is a new $4.5 billion arrangement designed to strengthen the country’s external reserves and release funds for infrastructure projects. The decision was announced late on Monday in Abuja, Reuters reported. The refinancing moves NNPC’s existing oil-secured financing into a larger new package, while linking the stated goals to reserve support and freeing capital for public works. The details of terms beyond the headline size were not provided in the brief report.