Femi Falana, a prominent human rights lawyer, has urged the Federal Government of Nigeria to consider joining the BRICS economic bloc and to adopt the practice of selling Nigerian crude oil to foreign buyers in the national currency, the Naira, rather than the United States dollar.
Speaking on Channels Television’s Politics Today program, Falana emphasized the need for Nigeria to reduce its reliance on economic predictions and policies from institutions like the International Monetary Fund (IMF) and the World Bank. He pointed out that several countries, including members of BRICS (Brazil, Russia, India, China, and South Africa), are actively seeking alternatives to the U.S. dollar.
Despite Nigeria’s absence from the BRICS economic bloc, Falana stressed the importance of joining to bolster the strength of the Naira. He cited the recent inclusion of other nations such as Saudi Arabia, UAE, Ethiopia, and Egypt as reasons why Nigeria should not lag behind in this regard.
Falana criticized the Central Bank of Nigeria’s circulars, stating that they do not adequately address the country’s foreign exchange challenges. He proposed a radical policy of selling Nigerian gas and crude oil exclusively in Naira to encourage the use and value of the national currency.
Furthermore, Falana urged the Nigerian government to reject what he termed as “deleterious policies” from the World Bank and IMF. He emphasized the need for subsidies on essential products and criticized the government’s adherence to policies that prioritize international financial institutions’ interests over those of the Nigerian people.
Expressing concern over the government’s reliance on the IMF and World Bank, Falana argued that these institutions were established by imperialists to undermine developing nations’ economies while turning a blind eye to subsidies provided by developed countries.
Falana concluded by stating his intention to take action after the expiration of the deadline set by the courts for the government to determine commodity prices, signaling his commitment to advocating for economic policies beneficial to Nigeria’s interests.
