Nigeria Urged to Join BRICS, Trade Crude Oil in Naira to Cut Dollar Dependency – Falana

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Human rights lawyer Femi Falana, SAN, emphasized that adopting the practice of trading crude oil in naira could bolster the currency’s value and reduce reliance on foreign exchange, calling for a more comprehensive policy shift by the Central Bank of Nigeria (CBN).

Falana expressed his views during an interview on Channels Television’s program, underlining the inadequacy of the current CBN circulars in addressing forex challenges. He suggested that the Nigerian government should decrease its dependence on economic forecasts and policies from Bretton Woods institutions like the International Monetary Fund (IMF) and the World Bank.

According to Falana, joining economic blocs like the BRICS (Brazil, Russia, India, China, and South Africa) could offer a solution to Nigeria’s currency woes. He urged the government to reject the harmful policies advocated by the IMF and World Bank, such as raising electricity tariffs and eliminating petrol subsidies, especially in the current political climate.

Falana highlighted the global trend of countries moving away from the dominance of the US dollar, citing examples like the BRICS nations, Saudi Arabia, UAE, Ethiopia, and Egypt. He advocated for selling Nigerian gas and crude oil in naira to promote the local currency’s usage, challenging the prevailing dollar-centric economy.

He criticized the widespread reliance on the dollar for transactions like school fees and rent, stressing the need to address these systemic issues to revive Nigeria’s economy.

Falana also criticized the government for relying too heavily on IMF and World Bank advice, arguing that these institutions were established by imperialists to undermine developing economies. He emphasized the importance of the National Economic Council, headed by the Vice President and comprising state governors, the CBN Governor, and the Finance Minister, as the primary advisory body on economic matters.

Regarding government responsibilities, Falana expressed dissatisfaction with the delay in setting commodity prices as directed by the courts, suggesting that he would take further legal action if necessary after the deadline expires.

In summary, Falana’s remarks underscored the urgency for Nigeria to adopt proactive economic policies, reduce dependency on foreign institutions, and prioritize national interests to navigate current economic challenges effectively.