NEC Approves NNPC's $4.5bn Refinancing for Project Gazelle

The National Economic Council (NEC) approved the refinancing of the $3.3 billion ‘Project Gazelle’ pre-export finance facility with a new $4.5 billion facility named ‘Project Gazelle 2’. This decision, made during the 159th NEC meeting chaired by Vice President Kashim Shettima, allows NNPC to refinance approximately $1.5 billion of the original facility while unlocking an additional $3 billion in liquidity.

The refinancing is structured on more favorable terms, including a reduction in pledged crude oil from 90,000 barrels per day (bpd) to approximately 78,750 bpd, representing a 12.5% decrease. Finance Minister Taiwo Oyedele stated that this arrangement will free up resources for strategic national priorities and strengthen the country’s financing structures.

The NEC emphasized the importance of this initiative in enhancing the federation's liquidity and supporting ongoing fiscal and infrastructure priorities.