Falana Advocates for Nigeria’s Inclusion in BRICS to Bolster Economy
Human rights lawyer, Femi Falana SAN, has called on the Federal Government to consider joining the BRICS economic bloc to enhance Nigeria’s economic prosperity. Falana made this suggestion during an appearance on Channels Television’s Politics Today, highlighting the importance of reducing Nigeria’s dependence on the US dollar.
BRICS, comprising Brazil, Russia, India, China, and South Africa, advocates for trading among member countries using their respective currencies, rather than the US dollar. Falana argued that Nigeria should align with this approach to trade its crude oil in naira, thereby strengthening the local currency.
Despite Vice President Kashim Shettima’s announcement in August 2023 that Nigeria did not apply to join BRICS after attending the 15th BRICS Summit in South Africa, Falana stressed the significance of Nigeria’s participation in the bloc.
He questioned why Nigeria, alongside countries like Saudi Arabia, the United Arab Emirates, Ethiopia, and Egypt, which have joined BRICS, has not taken steps to join the economic group. Falana emphasized the benefits of trading in local currencies, suggesting that Nigeria should sell its gas and crude oil in naira to promote the national currency.
Falana criticized the Central Bank of Nigeria’s approach to addressing forex challenges, stating that issuing circulars would not solve Nigeria’s forex problems. He urged the government to tackle economic challenges decisively and adopt policies that promote the use of the naira in international trade.
Peoples Gazette
