NEC Approves $4.5bn Project Gazelle 2 Refinancing

The National Economic Council (NEC) approved the refinancing of the US$3.3 billion Project Gazelle Pre-Export Finance Facility through a new US$4.5 billion facility named “Project Gazelle 2” during its 159th meeting held virtually on Monday. This approval enables NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility and unlocks an additional $3 billion in liquidity to enhance Nigeria’s external reserves and support the government's fiscal and infrastructure priorities.

The presentation was made by the Minister of Finance, Dr. Taiwo Oyedele, and chaired by Vice President Kashim Shettima.

The refinancing is structured on more favorable terms, reducing the pledged crude oil from 90,000 barrels per day (bpd) to approximately 78,750 bpd, allowing an additional 11,250 bpd for the federation. This arrangement aims to free up resources for strategic national priorities while strengthening the country's financing structures.