NEC Approves $4.5 Billion Refinancing for Project Gazelle

The National Economic Council (NEC) approved the refinancing of the US$3.3 billion Project Gazelle Pre-Export Finance Facility with a new US$4.5 billion facility named “Project Gazelle 2.” This decision, made during the 159th NEC meeting held virtually on Monday, enables NNPC Limited to refinance approximately $1.5 billion of the original 2023 facility and unlock an additional $3 billion in liquidity. This initiative aims to strengthen Nigeria's external reserves and support ongoing fiscal and infrastructure priorities.

The presentation was made by the Minister of Finance, Dr Taiwo Oyedele, and was underscored by Vice President Kashim Shettima. The refinancing terms are more favorable than the original, 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 for the federation.

Dr Oyedele emphasized that this arrangement will free up resources for strategic national priorities while enhancing the country's financing structures.