Nigeria had applied to join BRICS in 2023 but the application was rejected at the15th summit in Johannesburg. Despite the rejection, Nigeria is looking at possible ways to join BRICS and be a part of the bloc. The African country wants to strengthen its local currency, the Naira, by allowing other countries to settle trade in their tender. The Senior Advocate of Nigeria, Femi Falana has urged the Federal Government to follow BRICS ideals of de-dollarization and sell crude oil in local currency Naira and not the US dollar.
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BRICS: Pay For Nigerian Oil in Local Currency Naira, Not US Dollar
Falana urged the Nigerian government to rely less on the US dollar and use Naira for crude oil payments. The State-advocate called the government to ignore predictions made by the International Monetary Fund (IMF) and the World Bank and begin working alongside BRICS theology to strengthen Nigeria’s native economy and local currencies.
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The first step to strengthen the Naira is to make foreign countries pay local currency for Nigerian oil and not the US dollar, he said. “There are countries in the world today insisting that we are not going to be tied to the US dollar. Those countries are in the BRICS,” he said to Channels TV.
He added that Nigeria must join BRICS and begin selling oil in local currency Naira and not the US dollar. “If friends of the West are joining BRICS, why are we not there? So that we can trade in Naira”.
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The senior lawyer said that if he had this way, the Naira will be the de facto currency for oil. “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 said.