Nigeria Urged to Join BRICS and Sell Crude Oil in Naira by Falana

In a recent interview on Channels Television’s Politics Today program, human rights lawyer Femi Falana urged the Nigerian government to join the economic bloc BRICS and sell Nigerian crude oil in the local currency, the naira, as a way to strengthen the currency against the dollar.

Falana, a Senior Advocate of Nigeria, also suggested that the government should reduce its reliance on the economic predictions and policies of the International Monetary Fund (IMF) and the World Bank.

He pointed out that other countries, including Saudi Arabia, the UAE, Ethiopia, and Egypt, are joining BRICS, a bloc consisting of Brazil, Russia, India, China, and South Africa, which serves as a counterweight to Western powers like the United States.

According to Falana, Nigeria should follow suit and join the bloc to promote the use of the naira in international trade. He said, “If I had my way, my own radical policy would be that: I would sell Nigerian gas and crude oil in naira. Let those who want to buy our products look for naira. That is how to promote your currency.”

The legal luminary further criticized the government’s circulars issued by the Central Bank of Nigeria (CBN), stating that they do not address the fundamental issues with Nigeria’s economy.

He emphasized the need to address the problem by selling Nigerian products in the local currency, rather than relying on the dollar.

Falana also called on the Nigerian government to discard the “deleterious policies” of the World Bank and the IMF, such as increasing electricity tariffs and removing petrol subsidies, which he believes are not conducive to the current political climate in the country.

In conclusion, he said that “The only economic body recognized by the constitution to advise the President is the National Economic Council headed by the Vice President and peopled by the state governors, Governor of the Central Bank, and the Minister of Finance.”

He urged the government to take a more active role in the economic development of the country and to promote policies that will benefit the Nigerian people.