The National Economic Council has approved a new facility to refinance NNPC’s outstanding crude-backed loan and provide additional liquidity. While the government says the arrangement will support reserves and economic priorities, the deal renews concerns about committing future oil revenues to present-day financing.
Nigeria’s oil-backed financing strategy is entering a new phase following the National Economic Council’s (NEC) approval of a proposed $4.5 billion refinancing facility known as Project Gazelle 2.
The approval, announced in August 2026, is intended to refinance approximately $1.5 billion outstanding under the original Project Gazelle arrangement and unlock an additional $3 billion in liquidity for the country’s external reserves and other government priorities.
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