The National Economic Council (NEC) has approved a $4.5 billion refinancing arrangement for the Nigerian National Petroleum Company (NNPC) Limited’s Project Gazelle pre-export finance facility, a move expected to strengthen Nigeria’s external reserves and provide fresh funding for key government programmes.
The new facility, known as Project Gazelle 2, will refinance the outstanding balance of about $1.5 billion from the original $3.3 billion agreement signed in 2023, while unlocking an additional $3 billion in liquidity for fiscal and infrastructure development.
The approval was granted during the 159th NEC meeting held virtually on Monday and chaired by Vice President Kashim Shettima, following a presentation by the Minister of Finance, Taiwo Oyedele.
Speaking after the meeting at the Presidential Villa, Abuja, Oyedele said the refinancing was negotiated on more favourable terms than the existing facility.
Under the revised agreement, the volume of crude oil committed to the financing deal will drop by 12.5 per cent, from 90,000 barrels per day to about 78,750 barrels per day.
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He said the adjustment would release an additional 11,250 barrels of crude oil daily to the federation while reducing NNPC’s supply obligations under the agreement and improving the country’s financing position.
The council said the refinancing would provide cheaper funding, enhance liquidity and free up resources for strategic national priorities.
Vice President Shettima also urged members of the council to implement responsive and data-driven social protection policies to tackle poverty, stressing that government decisions must translate into improved living standards, stronger investor confidence and sustainable development across the states.
Meanwhile, NNPC has issued fresh tenders for the sale of September cargoes of its Cawthorne and Bonny Light crude grades.
Tender documents show that a 950,000-barrel Cawthorne cargo is scheduled to load between September 21 and 22, while a similar volume of Bonny Light crude will load between September 30 and October 1.
NNPC introduced Cawthorne crude for export in March as part of efforts to expand Nigeria’s crude oil portfolio, increase production and boost export earnings.
