Nigerian Lawyer Advocates for Country's Entry Into BRICS, Promoting De-Dollarization

Nigeria should join the BRICS bloc to promote international trade using national currencies instead of the US dollar, Femi Falana, Senior Advocate of Nigeria, Legal Practitioner, Falana & Falana’s Chambers, told Sputnik Africa.

He argued that the move to national currencies is beneficial to Nigeria and Africa as a whole, having a favorable impact on the continent's trade through the African Continental Free Trade Area (AfCFTA).

"For me, Nigeria cannot afford to remain on the sideline or attend the Summit as an observer. If Nigeria can join the BRICS, it's going to influence a number of African countries, and once you can do that, we are breaking the barrier, trade barrier, so that if countries are encouraged to trade in their own currencies, that will help the economy of Africa, and of course, the AfCFTA," the lawyer said.

He emphasized that the transition to settlement in national currencies will not only strengthen the economies of African countries, but also means a move away from the dominance of the US dollar, which is "part of the agenda of imperialism, to control our economies."

"The importance for Africa is that we are going to move away from the dominance of the dollar, which right now takes a lot of money from the continent," Falana pointed out. "As Africans, we cannot afford to tie ourselves perpetually to the atmosphere of the former colonial regimes. The struggle against the dominance of the dollar is a continuation of the struggle for the decolonization of the African continent, in all its ramifications."

The lawyer added that the struggle for local currencies is also a confrontation with the IMF and the World Bank with their "dangerous regulations" and Africans "have to rise, fight against the hypocrisy of the countries and institutions that are currently controlling international trade."

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Falana noted that the move to trade in national currencies with the BRICS would have a positive impact on Nigeria's local currency, the naira, adding that the West African nation has such experience. He cited Nigeria's 2018 swap agreement with Beijing that allows Nigerians to trade in the naira in China, while Chinese in Nigeria can trade in the yuan, an agreement that the IMF and World Bank tried to derail.

The lawyer also urged Nigeria to sell crude oil and gas, its most traded commodities, in naira instead of dollars, saying selling in the US currency is "economically stupid."

Furthermore, Falana touched on BRICS expansion, noting that regional leaders South Africa, Ethiopia, Egypt, and Nigeria are major countries that could draw the entire continent into the bloc.

"The advantage for us, as a continent, is that we are going to have international support in trading among ourselves in our national currencies. Ultimately, BRICS will have its own currency that will challenge the dominance of the American dollar. This would be very good for the struggle for a new international economic order," he remarked.

The lawyer concluded by urging the bloc to raise awareness among African countries of the benefits of trading in local currencies and to intensify the campaign for membership in the organization so that countries can challenge the dominance of the dollar for the benefit of their own economies.

This year, as Russia chairs 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.