NEC Approves $4.5bn Project Gazelle 2 Deal to Unlock $3bn Liquidity

The National Economic Council has approved plans to refinance the outstanding balance of the 2023 Project Gazelle pre-export finance facility and pursue a new $4.5 billion Project Gazelle 2 arrangement. The proposal is expected to unlock about $3 billion in fresh liquidity, reduce financing costs and support Nigeria’s external reserves, fiscal obligations and priority infrastructure projects. The council approved it at its 159th virtual meeting, chaired by Vice President Kashim Shettima. Officials said the new terms would reduce the crude oil committed to the deal from 90,000 barrels per day to about 78,750 barrels per day. This would free up 11,250 barrels daily for the federation while easing NNPC’s obligations under the facility. Shettima also called on governments to adopt data-driven social protection policies as Nigeria confronts multidimensional poverty and pressure on household welfare.

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