NEC Approves $4.5bn Project Gazelle 2 to Refinance Earlier Facility

The National Economic Council has approved the refinancing of the $3.3 billion Project Gazelle Pre Export Finance Facility through a new $4.5 billion facility to be known as Project Gazelle 2.

The approval was granted during the council’s Monday meeting, marking a significant restructuring of one of Nigeria’s major pre export finance arrangements tied to the country’s crude oil revenue streams.

The refinancing is expected to provide additional fiscal headroom for the Federal Government, with the larger facility size potentially supporting expanded budgetary and infrastructure financing needs.

Pre export finance facilities of this nature typically allow Nigeria to access upfront financing secured against future oil export revenues, a mechanism the government has periodically employed to manage fiscal liquidity needs.

The move comes amid continued volatility in global oil markets tied to the ongoing Middle East conflict, with Nigeria’s oil revenue projections remaining sensitive to fluctuations in international crude prices.

Economic analysts say the refinancing reflects continued government reliance on oil backed financing instruments, even as authorities pursue broader efforts to diversify Nigeria’s revenue base away from petroleum dependence.