NEC Approves $4.5bn Project Gazelle 2 for Refinancing

The National Economic Council (NEC) approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2” during its 159th meeting, chaired by Vice President Senator Kashim Shettima. This decision allows the Nigerian National Petroleum Company Limited (NNPCL) to refinance approximately $1.5 billion of the original 2023 facility while unlocking an additional $3 billion in liquidity.

This initiative aims to strengthen Nigeria's external reserves and support ongoing fiscal and infrastructure priorities. The Finance Minister, Dr Taiwo Oyedele, presented the proposal, highlighting that the refinancing terms are more favorable than the original facility, including a reduction in pledged crude oil from 90,000 barrels per day to approximately 78,750 bpd.

This new arrangement will release an additional 11,250 bpd for the federation and free up resources for strategic national priorities. Vice President Shettima emphasized the need for responsive government policies to address multidimensional poverty in Nigeria.