Gazelle refinancing frees crude, extends Nigeria’s repayment schedule

Nigeria’s Project Gazelle oil-backed financing has been refinanced, reducing crude commitment and extending the repayment schedule to June 2030.

[RFI] Nigeria has approved a new $4.5 billion loan to replace a 2023 loan of $3.3 billion.

Nigeria's National Economic Council has approved Project Gazelle 2, a US$4.5 billion oil-backed facility refinancing the 2023 deal and unlocking US$3 billion in liquidity.

The finance minister added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country's financing structures.