https://en.sputniknews.africa/20241008/nigeria-to-start-local-currency-crude-oil-sales-reports-say-1068602259.html
Nigeria to Start Local Currency Crude Oil Sales, Reports Say
Nigeria to Start Local Currency Crude Oil Sales, Reports Say
Sputnik Africa
Nigeria has a total of 323 developed onshore and offshore fields that produce hydrocarbons. These are connected to 265 production processing stations and 31... 08.10.2024, Sputnik Africa
2024-10-08T16:52+0200
2024-10-08T16:52+0200
2024-10-08T18:04+0200
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Mohammed Manga, Director of Information and Public Relations at the Nigerian Ministry of Finance, announced in a statement that the Federal Executive Council (FEC) has directed that crude oil sales in Nigeria be conducted in naira, the local currency, the media reported.Nigeria is taking a significant step toward economic self-sufficiency by switching to local currency for its crude oil sales, Manga reportedly noted.This decision follows a trend seen in other countries since the Russia-Ukraine conflict began in 2022. Countries such as Russia, China, India, Venezuela, and the United Arab Emirates already settle crude oil accounts in local currencies.The Nigerian government reportedly believes this will boost the economy by increasing stability and stimulating growth. While navigating the complexities of the global market, this strategic move positions Nigeria for future success. With significant oil reserves and as a leading oil producer and exporter in Africa, Nigeria's decision is a significant development in the global energy market, the media added.
https://en.sputniknews.africa/20240915/dangote-refinery-delivers-petrol-marking-nigerias-path-to-energy-independence-1068289876.html
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economy, nigeria, oil, trade, local currency, currency, west africa, economic growth
economy, nigeria, oil, trade, local currency, currency, west africa, economic growth
Nigeria to Start Local Currency Crude Oil Sales, Reports Say
16:52 08.10.2024 (Updated: 18:04 08.10.2024) Alla Shukanova
Writer / Editor
Nigeria has a total of 323 developed onshore and offshore fields that produce hydrocarbons. These are connected to 265 production processing stations and 31 export terminals. The country's crude oil production reached over 370 million barrels in 2023, the Nigerian Upstream Petroleum Regulatory Commission report said.
Mohammed Manga, Director of Information and Public Relations at the Nigerian Ministry of Finance, announced in a statement that the Federal Executive Council (FEC) has directed that crude oil
sales in Nigeria be conducted in naira, the local currency, the media reported.
Nigeria is taking a significant step toward economic self-sufficiency by switching to local currency for its crude oil sales, Manga reportedly noted.
This decision follows a trend seen in other countries since the Russia-Ukraine conflict began in 2022. Countries such as Russia, China, India, Venezuela, and the United Arab Emirates already settle crude oil accounts in local currencies.
The Nigerian government reportedly believes this will boost the economy by
increasing stability and stimulating growth. While navigating the complexities of the global market, this strategic move positions Nigeria for future success.
With significant oil reserves and as a leading oil
producer and exporter in Africa, Nigeria's decision is a significant development in the global energy market, the media added.
