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Nigeria Approves $4.5 B Project Gazelle 2 Refinancing

8/5/2026

Summary

Shettima Approves Refinancing

Nigeria's National Economic Council, chaired by Vice President Kashim Shettima, approved $4.5 billion Project Gazelle 2 refinancing for the Nigerian National Petroleum Company.
The deal will refinance the $1.5 billion balance of $3.3 billion loan and unlock $3 billion in liquidity.
Finance Minister Taiwo Oyedele said pledged crude will fall from 90,000 bpd to 78,750 bpd, freeing 11,250 bpd, and that the refinancing will boost reserves and fund fiscal and infrastructure priorities.

Summary

Nigeria Secures Swap

Nigeria secured a $5 billion total-return swap with First Abu Dhabi Bank in April, its second external financing this year.
The swap follows the 2023 Project Gazelle loan arranged by Gunvor International BV, Sahara Energy Resources Ltd and United Bank for Africa Plc.
Nigeria’s crude output rose to 1.56 million barrels per day in June 2024, the highest since April 2020, yet vandalism, theft and underinvestment keep production below the 3 million-bpd 2030 target and risk OPEC+ quota compliance.

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Shettima Approves Refinancing

Nigeria's National Economic Council, chaired by Vice President Kashim Shettima, approved $4.5 billion Project Gazelle 2 refinancing for the Nigerian National Petroleum Company.
The deal will refinance the $1.5 billion balance of $3.3 billion loan and unlock $3 billion in liquidity.
Finance Minister Taiwo Oyedele said pledged crude will fall from 90,000 bpd to 78,750 bpd, freeing 11,250 bpd, and that the refinancing will boost reserves and fund fiscal and infrastructure priorities.

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