Nigeria has announced that it will start selling crude oil in local currency instead of the US dollar, which is still widely used for international commodity trading.
The latest announcement comes after several countries began selling oil and gas in local currencies following the outbreak of the Russia-Ukraine conflict in February 2022.
Mohammed Manga, director of Information and Public Relations at the Ministry of Finance, announced in a statement on Sunday that the Federal Executive Council (FEC) has directed that crude oil sales be conducted in naira.
Manga noted that this strategic initiative is expected to create a lasting impact on the Nigerian economy by enhancing growth, stability, and self-sufficiency.
He emphasised that Nigeria is still navigating the complexities of global markets and that this strategic move positions the country for future success.
Nigeria has proven oil reserves of approximately 37 billion barrels, accounting for 3.1% of the world's total reserves.
Nigeria is one of the top 15 countries in the world for crude oil production, with the eighth-largest oil reserves and the sixth-largest exporter of oil globally.
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