Nigeria approves $4.5bn Project Gazelle 2 refinancing, unlocking $3bn liquidity

The National Economic Council (NEC) approved a refinancing of the US$3.3 billion Project Gazelle pre‑export finance facility through a new US$4.5 billion facility called Project Gazelle 2. The deal, endorsed at the 159th NEC meeting chaired by Vice President Kashim Shettima, will allow the Nigerian National Petroleum Company (NNPC) to refinance about US$1.5 billion of the original loan and release an additional US$3 billion in liquidity to strengthen Nigeria’s external reserves and fund fiscal and infrastructure priorities.

Finance Minister Dr Taiwo Oyedele explained that the new terms reduce the pledged crude oil volume from 90,000 to roughly 78,750 barrels per day – a 12.5 % cut – freeing an extra 11,250 barrels daily for the federation. The restructuring is intended to lower financing costs, improve liquidity, and support key national priorities.