In a strategic move aimed at enhancing its economic standing on the global stage, the Federal government of Nigeria is actively considering submitting an application for membership in the influential international organization, BRICS.
The announcement, shared by an international union on social media platform X (formerly Twitter) on Friday, revealed Nigeria’s intentions to join the ranks of major world powers like China and Russia, as well as influential regional players such as South Africa and Brazil.
BRICS, known for its collective economic prowess and significant geopolitical influence, boasts a combined population of approximately 3.5 billion people, representing a substantial 45% of the world’s inhabitants. Originally conceived to counterbalance the dominance of North American and Western European nations, the group serves as a platform for collaboration among the most prominent developing economies.
If Nigeria’s bid for BRICS membership proves successful, the West African nation stands to revolutionise its trade dynamics, particularly concerning its primary export commodity, oil.
Notably, there are discussions of transitioning the oil trade to the national currency, the naira, a move championed by figures like human rights lawyer Femi Falana, SAN. Advocates argue that trading oil in Naira would not only bolster the currency’s value but also reduce dependence on foreign exchange.
Recall that Femi Falana had emphasised the inadequacy of recent Central Bank circulars in addressing foreign exchange challenges, calling for a more comprehensive policy overhaul. He further urged the government to lessen its reliance on economic forecasts and strategies from institutions like the International Monetary Fund (IMF) and the World Bank.
According to Falana, Nigeria’s accession to the BRICS economic bloc presents an opportune moment to shore up the naira and steer the nation towards sustainable economic growth.
