Nigeria, a country rich in oil and natural gas, has begun selling crude oil in its local currency, the naira.
Mohammed Manga, the Director of Information and Public Relations at the Ministry of Finance, stated that this initiative follows a directive from the Federal Executive Council (FEC).
Manga highlighted that this strategic move is anticipated to have a significant and lasting effect on Nigeria’s economy by promoting growth, stability, and self-sufficiency.
He also pointed out that Nigeria is navigating the complexities of global markets, positioning itself for future success with this approach.
- 37 Billion Barrel Oil Reserves
Nigeria’s proven oil reserves stand at approximately 37 billion barrels, representing 3.1% of the world’s total reserves.
As one of the top 15 crude oil producers globally, Nigeria ranks 8th in oil reserves and is the 6th largest exporter of oil.