ABUJA — The National Economic Council, NEC, has approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion arrangement known as Project Gazelle 2.
The approval was given at the 159th NEC meeting, held virtually on Monday, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, through Vice President Kashim Shettima, who chairs the council.
Under the new arrangement, NNPC Limited will refinance the outstanding balance of about $1.5 billion from the original 2023 facility, while unlocking an additional $3 billion in liquidity. The funds are expected to strengthen Nigeria’s external reserves and support key fiscal and infrastructure priorities of the Federal Government.
Project Gazelle was originally structured as a crude oil-backed pre-export finance facility sponsored by NNPC Limited. Afreximbank announced in 2024 that it had completed an additional $925 million disbursement under the syndicated $3.3 billion facility, after earlier funded commitments under the arrangement.
Speaking after the NEC meeting, Oyedele said the refinancing had been negotiated on more favourable terms than the original deal. According to him, the pledged crude oil volume will be reduced from 90,000 barrels per day to about 78,750 barrels per day, representing a 12.5 percent reduction.
He explained that the restructuring would release an additional 11,250 barrels per day to the federation, while easing NNPC Limited’s crude repayment obligations. The minister said the deal would provide fresh liquidity without placing unnecessary pressure on oil output commitments.
NEC said the initiative was important because of its potential to improve liquidity available to the federation and strengthen the country’s financing position at a time of rising fiscal demands.
In his opening remarks, Vice President Shettima also called for a more responsive, scalable and data-driven social protection system to address multidimensional poverty across the country.
He said government policies must be judged by their impact on ordinary citizens, including food prices, hospital conditions, school records, family welfare and the confidence of workers and investors.
Shettima urged council members to ensure that every decision taken by NEC reassures Nigerians that government is attentive to national challenges and determined to respond with competence, compassion and purpose.
The approval of Project Gazelle 2 is expected to give the Federal Government additional fiscal room as it pursues infrastructure spending, reserve stability and broader economic reforms.
