In this recent clip by @channels television network, renowned Nigerian lawyer and human rights activist Femi Falana argued that Nigeria’s economic future hinges on breaking free from the restrictive prescriptions of institutions like the International Monetary Fund and the World Bank.

Falana said these bodies have long advocated for policies, such as subsidy removal, currency floating and austerity measures, which have led to economic instability, increased poverty and a loss of sovereignty over national economic policies.

In contrast, he urged the Nigerian government to join the BRICS group, which offers a compelling alternative. Countries like Brazil, Russia, India, China, and South Africa (each of their initials comprise BRICS) have prioritised economic independence by reducing reliance on the US dollar and fostering trade in their own currencies.

This approach allows them to retain greater control over their economies, ensuring that development strategies align with their unique needs and aspirations. BRICS now accounts for 36 per cent of global GDP in purchasing power parity. With nations such as Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt joining BRICS, Nigeria’s absence is glaring.

Video credit: @channelstelevision (YouTube) @channelstv_ent (IG) @channelstv (X)

--------------------SOCIAL-----------------------
FACEBOOK - https://www.facebook.com/africanstreammedia/
INSTAGRAM - https://www.instagram.com/african_stream/
TIKTOK - http://www.tiktok.com/@africanstream
TWITTER - https://twitter.com/african_stream