Nigeria’s National Economic Council has approved the refinancing of its $3.3 billion Project Gazelle Pre-Export Finance Facility, replacing it with a larger $4.5 billion instrument dubbed Project Gazelle 2.
The decision, reported by The Punch, marks a significant escalation in the scale of pre-export financing available to the country’s oil sector, aimed at sustaining production levels and ensuring timely delivery of crude to international markets.
25 billion loan approved by the World Bank to bolster infrastructure and job creation.
The move is likely to be viewed positively by energy traders monitoring West African supply stability.
By securing additional liquidity for upstream operators, the Nigerian government aims to mitigate the production shortfalls that have periodically plagued the sector due to funding constraints and infrastructure decay.
For global benchmarks like Brent crude, any assurance of steady Nigerian output helps offset concerns about broader OPEC+ compliance or geopolitical disruptions elsewhere.
This development follows recent international support for Nigeria’s economic reforms, including a $1.25 billion loan approved by the World Bank to bolster infrastructure and job creation.