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Wednesday, February 14, 2024

Nigeria must join BRICS for economic prosperity: Femi Falana

Mr Falana said the CBN circulars would not solve the forex crisis facing Nigeria.

• February 14, 2024
Femi Falana
Femi Falana

Human rights lawyer, Femi Falana SAN, has urged the Federal Government to join economic bloc BRICS to ensure the prosperity of the Nigerian economy.

Giving the admonition on Channels Television’s Politics Today on Tuesday, Mr Falana hinged his advice on the need for Nigeria to end its reliance on the United States of America dollar.

Recall that Vice President Kashim Shettima, upon his return from the 15th BRICS Summit in South Africa in August 2023, said Nigeria didn’t apply to join BRICS.

However, the legal luminary said joining the economic blog would enable Nigeria to sell its crude oil to other countries in naira and not in the U.S. dollar, thereby helping to strengthen the local currency.

Falana said, “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.

“Others are joining them, Saudi Arabia has joined them, U.A.E, Ethiopia, Egypt and others. Nigeria is not there. We cannot be more catholic that the Pope. If friends of the west are joining BRICS, why are we not there? So that Nigeria and other countries can trade in their currencies, we’ll trade in naira.’’

Mr Falana urged the government to stop dancing around the country’s economic challenges, insisting that the circulars being issued by the Central Bank of Nigeria would not solve the forex problems facing Nigeria.

“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 advised.

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