Nigeria, Africa's largest oil-producing country, has decided to start selling its crude oil in the national currency, the naira, instead of the US dollar. The change was made by the Federal Executive Council (FEC) and is aimed at improving the growth and stability of Nigeria's economy. With rising oil prices due to ongoing geopolitical instability, such as the conflict between Iran and Israel, Nigeria hopes to benefit from the higher oil prices. However, internal issues such as corruption and oil theft remain significant challenges that hinder the country from fully realizing the benefits of rising oil prices. Additionally, Nigeria's reliance on imports for refined petroleum products reduces the impact of higher crude oil prices on the overall economy. The opening of the Dangote Refinery, a private operation, is expected to alleviate some of these issues, but more comprehensive solutions are needed to address corruption and reduce reliance on imports.
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