Nigeria has secured a major refinancing deal under a new facility dubbed “Project Gazelle 2,” which will refinance approximately $1.5 billion outstanding under the original 2023 agreement while unlocking an additional $3 billion in liquidity, according to a statement from the presidency.
The refinancing comes as Africa’s largest economy seeks to bolster its foreign reserves and fund fiscal priorities amid persistent pressure on the naira and ongoing efforts to attract foreign investment through economic reforms launched by President Bola Tinubu’s administration.
More Favourable Terms
Finance Minister Taiwo Oyedele informed the National Economic Council (NEC) that the new facility offers more favourable terms than the original deal, with pledged crude oil volumes reduced by 12.5 percent—from 90,000 barrels per day to roughly 78,750 bpd. This reduction frees up resources for strategic national priorities while improving Nigeria’s overall financing structure.
