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Falana to FG: Falling oil price an opportunity to Fix Nigeria’s economy


Eminent lawyer and human rights activist, Mr Femi Falana (SAN), yesterday, implored the Federal Government to take advantage of the global drop in the price of crude oil and diversify the economy.

Falana, who spoke with newsmen in Lagos at the maiden edition of Builders’ Day, advised the government to also stop unnecessary importation of goods that could be produced locally.

He lamented that the Nigerian economy was on its way to another recession, saying the budget was anchored on $57 per barrel as against the $30 per barrel today.


“The price of crude oil is around $30 and it’s likely to go below that. That has already thrown up a challenge but unfortunately, the Federal Government is yet to appreciate the enormity of the crisis Nigeria is facing which is likely to be worse. Our country is going through economic coronavirus and we have to move quickly to do something.

“We have been told about the diversification of the economy all the time. This is the time to take advantage of this economic global crisis to fix our country and put an end to the unnecessary importation of goods that could be produced in the country. This is the challenge before all of us,” he said.


Speaking on the scourge of building collapse in the country, he blamed the situation on the failure of relevant agencies of government who fail to carry out their responsibilities with due diligence.

“The laws are there but they are not being enforced. Institute in charge of buildings has the right under the law to file relevant application in court by way of asking for an order of mandamus to compel appropriate agencies of government to act responsibly,” he said.


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