Tumi Odunuga in his article, Project Financing in Nigerian Oil & Gas: Navigating the IBRD Clause, explores the complexities surrounding project financing in Nigeria’s oil and gas industry, particularly in relation to the constraints imposed by the World Bank’s Negative Pledge Clause under IBRD loan agreements. The clause broadly defines “Public Assets” to include those owned or controlled by the government, such as those under the Nigerian National Petroleum Company (NNPC) or its subsidiaries. This expansive interpretation poses significant challenges for financiers seeking to use project assets as collateral, as it potentially restricts the ability to secure interests in onshore and offshore infrastructure, joint venture stakes, or production-sharing contracts. To navigate these limitations, Odunuga discusses three practical approaches. First, Odunuga considers the possibility of seeking a waiver from the IBRD, though this option is rarely granted due to the institution’s cautious lending policies. Second, Odunuga examines the use of ring-fenced Special Purpose Vehicles (SPVs) that isolate project assets from the government’s balance sheet, thereby avoiding direct conflict with the Negative Pledge Clause, albeit with limitations regarding government-held equity. Third, Odunuga presents the offshore trust SPV structure as a more robust option, enabling lenders to protect their interests better while complying with IBRD conditions. Through these models, Odunuga highlights how Nigeria can facilitate project financing while maintaining its international financial obligations.