Nigeria secures $4.5bn oil‑backed financing to boost reserves

Nigeria’s National Economic Council approved a new $4.5 billion oil‑backed financing arrangement, dubbed Project Gazelle 2, to replace the pre‑export finance facility set up in 2023. The deal will refinance about $1.5 billion of the original $3.3 billion facility and unlock roughly $3 billion of fresh liquidity for the economy.

Finance Minister Taiwo Oyedele said the new structure reduces the volume of crude pledged as collateral by 12.5 percent, from 90,000 barrels per day to about 78,750 barrels per day, freeing additional oil revenues for budget and infrastructure priorities. The refinancing is intended to strengthen Nigeria’s external foreign‑exchange reserves, improve liquidity and support the Central Bank of Nigeria’s ability to manage the naira.

The arrangement is part of President Bola Tinubu’s broader economic reforms, with NNPC Limited’s CEO Bashir Bayo Ojulari tasked with finalising the transaction with international lenders.