Nigeria’s National Economic Council gave the green light on Monday to refinance NNPC Limited’s $3.3 billion oil-backed pre-export finance facility through a new $4.5 billion deal, with the presidency saying the move is designed to boost the country’s external reserves and free up funding for infrastructure.
The arrangement, named “Project Gazelle 2,” will refinance around $1.5 billion still outstanding from the original 2023 facility while opening up an additional $3 billion in liquidity, according to a presidency statement.
The refinancing arrives as Nigeria, one of Africa’s largest economies, works to bolster its foreign reserves and fund key fiscal priorities amid ongoing pressure on the naira and President Bola Tinubu’s push to attract foreign investment through economic reforms.
Finance Minister Taiwo Oyedele told the NEC that the new facility carries more favorable terms than the original deal, with pledged crude oil volumes reduced by 12.5% — dropping to roughly 78,750 barrels per day from 90,000 bpd. That reduction, he said, would free up resources for strategic national priorities and strengthen Nigeria’s overall financing structure.
Vice President Kashim Shettima, who chairs the NEC, said the government’s policies would ultimately be judged by their effect on food prices, healthcare, education, and household welfare, the presidency statement added.
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