Human rights lawyer Femi Falana SAN has advocated for the Federal Government’s inclusion in the BRICS economic alliance to bolster Nigeria’s economic prosperity.
During an appearance on Channels Television’s Politics Today, Mr. Falana stressed the imperative for Nigeria to reduce its dependence on the United States dollar.
While Vice President Kashim Shettima had previously stated that Nigeria didn’t apply for BRICS membership following the 15th BRICS Summit in South Africa in August 2023, Falana underscored the potential benefits of joining the bloc.
The legal luminary emphasized that Nigeria’s participation in BRICS would facilitate the sale of crude oil to other nations using the naira instead of the U.S. dollar, thereby enhancing the strength of the local currency.
Falana articulated, “There is a group of countries in the world today insisting that we are not going to be tied to the American dollar. We want to trade among ourselves in our currencies and those countries are in the BRICS – Brazil, Russia, India, China, and South Africa.”
He further noted the addition of Saudi Arabia, UAE, Ethiopia, Egypt, and others to the bloc, questioning Nigeria’s absence. He suggested Nigeria adopt a similar stance to enable trading in the naira.
The legal expert urged the government to confront Nigeria’s economic challenges head-on, dismissing Central Bank circulars as inadequate solutions to forex issues.
“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,” he proposed.
