NEC Approves $4.5bn Refinancing of Oil-Backed Loan

On Monday, during the 159th meeting of the National Economic Council (NEC) chaired by Vice President Kashim Shettima, a $4.5bn refinancing of the $3.3bn Project Gazelle Pre-Export Finance Facility was approved. The Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, presented the refinancing's significance, which allows the Nigerian National Petroleum Company Limited to refinance approximately $1.5bn of the original facility while unlocking an additional $3bn in liquidity.

This move aims to strengthen Nigeria’s external reserves and support fiscal and infrastructure priorities. The refinancing terms are more favorable, reducing the pledged crude oil from 90,000 barrels per day to approximately 78,750 barrels per day, thus releasing an additional 11,250 barrels per day for the federation.

Oyedele described this refinancing as a dual achievement, improving liquidity access while strengthening the country’s financing structure.