Nigeria Approves $4.5 Billion Project Gazelle 2 Loan Refinancing

The National Economic Council approved the creation of Project Gazelle 2, a $4.5 billion arrangement designed to refinance the $3.3 billion Project Gazelle Pre-Export Finance Facility. During the council's 159th virtual meeting on August 4, 2026, the body authorized the Nigerian National Petroleum Company (NNPC) Limited to refinance an outstanding balance of approximately $1.5 billion from a 2023 agreement and secure $3 billion in new liquidity.

Finance Minister Taiwo Oyedele stated the new terms are more favorable, reducing the volume of pledged crude oil collateral from 90,000 barrels per day to approximately 78,750 barrels per day. This 12.5 percent reduction releases an additional 11,250 barrels per day for the federation to sell and retain revenue. The government intends to use the funds to strengthen external reserves and support fiscal and infrastructure priorities amid ongoing economic reforms and currency pressure.

Vice President Kashim Shettima chaired the meeting and separately urged the council to develop a data-driven social protection policy to combat multidimensional poverty. He emphasized that the impact of government policies is measured by the daily lives of citizens, noting that policies are often heard through the condition of hospitals and the price of food before they are seen.