Nigeria Begins Selling Crude Oil in Local Currency Naira
Nigeria has commenced selling crude oil priced in its local currency, the naira. This development is seen as a significant step towards bolstering Nigeria’s financial strategy.
Economic Transformation
Mohammed Manga, the Director of Information and Public Relations at the Nigerian Ministry of Finance, announced that this initiative follows the directive of the Federal Executive Council (FEC). Manga emphasized that this strategic move will have a lasting impact on Nigeria’s economy, enhancing growth, stability, and self-sufficiency.
Future Vision
Manga highlighted that Nigeria continues its journey amidst global market complexities and that this strategic decision positions the country for future success.
Oil Reserves
Nigeria’s proven oil reserves are approximately 37 billion barrels, accounting for 3.1% of the world’s reserves. The country ranks among the top 15 in global crude oil production and is the 8th largest in terms of oil reserves. Nigeria also ranks 6th in oil exports.