https://en.sputniknews.africa/20240215/nigeria-should-join-brics-sell-oil-in-local-currency-not-us-dollar-activist-says-1065087669.html
Nigeria Should Join BRICS, Sell Oil in Local Currency, Not US Dollar, Activist Says
Nigeria Should Join BRICS, Sell Oil in Local Currency, Not US Dollar, Activist Says
Sputnik Africa
This year, as Russia chairs of the expanded BRICS group, with Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the five new members –... 15.02.2024, Sputnik Africa
2024-02-15T16:34+0100
2024-02-15T16:34+0100
2024-02-15T16:34+0100
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Nigeria should join the BRICS and sell oil in its local currency, not the US dollar, to strengthen the naira, Nigerian lawyer and human rights activist Femi Falana said on local TV.Falana recalled that Nigerian Vice President Kashim Shettima attended the XV BRICS Summit, where he stated that Abuja had not applied to join the BRICS, which is seen as a counterweight to Western powers led by the United States.According to Falana, it is time for Nigeria to join the BRICS to help the naira. The orders of the Central Bank of the country alone will not solve the problems with foreign currency.Falana also advocates reducing Nigeria's dependence on the economic dictates of the World Bank and the International Monetary Fund.In late January, Dr. Is'haq Modibbo Kawu, a former director general of Nigeria's National Broadcasting Commission, told Sputnik Africa that Nigeria's presence in BRICS has a symbolic significance and highlighted the role that BRICS could play in accelerating Nigeria's economic development.Earlier, the Minister of Foreign Affairs, Yusuf Tuggar, told the Western media that Nigeria will seek to join BRICS within the next two years to ensure that the nation's voice is taken into account in major global organizations.
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Nigeria Should Join BRICS, Sell Oil in Local Currency, Not US Dollar, Activist Says
This year, as Russia chairs of the expanded BRICS group, with Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the five new members – expanding international trade in local currencies is one of the grouping's key agenda items.
Nigeria should join the BRICS and sell oil in its local currency, not the US dollar, to strengthen the naira, Nigerian lawyer and human rights activist Femi Falana said on local TV.
"There are countries in the world today insisting that we are not going to be tied to the American dollars and those countries are in the BRICS – Brazil, Russia, India, China and South Africa. Others are joining them; Saudi Arabia has joined them, UAE, Ethiopia, Egypt and all that. We cannot be more Catholic than the Pope. If friends of the West are joining BRICS, why are we not there? So that we can trade in naira," he was quoted by the media as saying.
Falana recalled that Nigerian Vice President Kashim Shettima attended the XV BRICS Summit, where he stated that Abuja had not applied to
join the BRICS, which is seen as a counterweight to Western powers led by the United States.
According to Falana, it is time for Nigeria to join the BRICS to help the naira. The orders of the
Central Bank of the country alone will not solve the problems with foreign currency.
"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. But this business of everybody looking for dollars even to pay school fees, rent houses, and sell houses. It doesn’t happen unless you dollarize your economy. These are the issues the government would have to address to come out of this economic doldrums," Falana was cited as saying.
Falana also advocates reducing Nigeria's dependence on the
economic dictates of the World Bank and the International Monetary Fund.
In late January, Dr. Is'haq Modibbo Kawu, a former director general of Nigeria's National Broadcasting Commission,
told Sputnik Africa that Nigeria's presence in BRICS has a symbolic significance and highlighted the role that BRICS could play in accelerating Nigeria's economic development.
Earlier, the Minister of Foreign Affairs, Yusuf Tuggar, told the Western media that Nigeria will seek to join BRICS within the next two years to ensure that the nation's voice is taken into account in major global organizations.
