The National Economic Council has approved the refinancing of Nigeria’s $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion loan deal named Project Gazelle 2. The decision was reached during NEC’s 159th virtual meeting, chaired by Vice President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on the strategic value of the arrangement.
Under the terms of the agreement, the Nigerian National Petroleum Company Limited will refinance its remaining outstanding balance of approximately $1.5 billion from the original 2023 facility while unlocking an additional $3 billion in liquidity. According to details released by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, this added capital is intended to strengthen Nigeria’s external reserves and fund ongoing fiscal and infrastructure priorities.
Briefing journalists after the meeting, Minister Oyedele emphasized that Project Gazelle 2 secures substantially more favorable terms than its predecessor. Key among these is a 12.5 percent reduction in the volume of crude oil pledged to back the loan, dropping daily commitments from 90,000 barrels to approximately 78,750 barrels. This adjustment releases 11,250 barrels of crude oil per day directly back to the federation, allowing the government to sell that oil independently and retain the revenue outside the loan arrangement.
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Describing the deal as a dual achievement, Oyedele noted that the refinancing improves liquidity access on better terms while freeing up resources for strategic national priorities and strengthening the nation's overall financing structures. Addressing Council members, Vice President Shettima underscored the human element of these fiscal measures, calling for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty and urging officials to ensure every decision reflects government attentiveness to the daily struggles of ordinary Nigerians.
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