Nigeria's National Economic Council (NEC) has approved Project Gazelle 2, a USD4.5bn crude-backed pre-export financing facility arranged by the state-owned hydrocarbon company NNPC, to refinance the remaining USD1.5bn outstanding under the original USD3.3bn Project Gazelle facility launched in 2023 (This Day, 04/08/2026). The transaction will also provide an additional USD3bn in liquidity, aimed at supporting external reserves and government fiscal and infrastructure priorities.
Under the structure, future crude oil sales are pledged as collateral to raise financing from international lenders. According to Finance Minister, the new facility has been structured on more favourable terms, including a reduction in pledged crude oil volumes from 90,000 bbl/d to around 78,750 bbl/d. The revised arrangement is expected to release an additional 11,250 bbl/d of crude for the federation while reducing NNPC's collateral commitments.
Project Gazelle was initially launched to address foreign exchange shortages, support Nigeria's external reserves and stabilise the naira through the monetisation of future crude oil production.