Project Gazelle 2: Nigeria Approves US$4.5 Billion Oil-Backed Refinancing

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 National Economic Council (NEC) has approved the refinancing of NNPC Limited's $3.3 billion oil-backed pre-export finance facility through a ‌new $4.5 billion arrangement.

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.

The National Economic Council has approved the $4.5bn Project Gazelle 2 to refinance Nigeria’s oil-backed loan, unlocking $3bn liquidity and strengthening