Femi Falana (SAN) Google photo
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Nigeria Should Join BRICS, Sell Crude Oil in Naira–Falana Tells FG

"We cannot be more Catholic than the Pope. If friends of the West are joining BRICS, why are we not there?” Falana states

Idongesit Udoewah

Human rights advocate, Femi Falana, has encouraged the Federal Government to join the BRICS (Brazil, Russia, India, China, South Africa) economic bloc and sell Nigerian crude oil to foreigners in naira rather than dollars in order to boost the naira versus the dollar.

Recall that during the 15th BRICS Summit in South Africa, Vice President Kashim Shettima disclosed that Nigeria has not submitted an application to join the economic bloc that is viewed as a counterweight to western countries such as the United States.

But according to Falana, to support the naira, Nigeria needs to become a member of the economic bloc.

Appearing on the "Politics Today" show on Channels Television on Tuesday, the Senior Advocate of Nigeria made it clear that countries such as Brazil, Russia, India, China and South Africa that have insisted on not being tied to the American dollar are all members of the BRICS.

He claimed that the government is avoiding the topic, and that the Central Bank of Nigeria (CBN) circulars won't resolve the currency issues.

He said if he had his way, to promote the Nigerian currency, he would apply a radical approach which would be to sell Nigerian gas and crude oil in naira, so that those who want to buy the products would look for naira to buy them.

Falana opined that the business of everybody looking for dollars even to pay school fees, rent houses, and sell houses does not happen unless the economy is dolarized, adding that to come out of these economic doldrums, these are the issues that the government would have to address.

Falana also advised the administration to rely less on World Bank and International Monetary Fund (IMF) economic projections and policies.

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