The National Economic Council NEC) (has given approval for the restructuring of the $3.3bn Project Gazelle Pre-Export Finance Facility through a fresh $4.5bn financing arrangement tagged Project Gazelle 2.
The decision was taken during the council’s 159th meeting held virtually on Monday and presided over by Vice President Kashim Shettima. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, presented the proposal and highlighted the advantages of the new agreement.
Under the approved arrangement, the Nigerian National Petroleum Company Limited (NNPCL) will refinance the remaining $1.5bn balance from the initial 2023 facility while accessing an additional $3bn to improve liquidity.
The Federal Government said the new funding structure would help strengthen the country’s external reserves, support government programmes and provide additional resources for important economic projects.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, disclosed the development in a statement released after the meeting.
He said NEC members recognised the importance of creating more financial room for the federation and pledged their backing for the successful implementation of the initiative.
Speaking with journalists after the meeting, Oyedele said the revised deal was secured under improved conditions compared with the previous agreement.
The minister explained that one of the key changes was the reduction in the quantity of crude oil committed as collateral for the facility. He noted that the pledged volume had been reduced from 90,000 barrels per day to approximately 78,750 barrels per day, representing a 12.5 per cent drop.
According to Oyedele, the adjustment would enable the federation to retain more crude oil for independent sales, thereby increasing potential revenue earnings.
He added that the new agreement would free up an additional 11,250 barrels of oil daily for the federation while reducing the crude commitment required from NNPCL.
The finance minister described the arrangement as a major improvement that would provide Nigeria with increased access to funds while easing pressure on its existing financial obligations.
He said the refinancing would create opportunities for the government to direct more resources towards priority areas and strengthen the country’s long-term financial strategy.
During the meeting, Vice President Shettima called for the development of stronger and more responsive social welfare programmes to address poverty and improve living conditions across the country.
He stressed that government decisions must reflect the everyday experiences of Nigerians, including challenges around food costs, healthcare services, education and household expenses.
Project Gazelle was launched in 2023 as a crude oil-backed financing programme aimed at providing foreign exchange support, boosting liquidity and helping to stabilise the naira amid economic reforms.
The new Project Gazelle 2 facility represents an expansion of the original agreement, offering improved terms while supporting Nigeria’s efforts to enhance revenue generation, attract investment and strengthen the oil sector.
