Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira
In a groundbreaking move that could reshape global trade, President Bola Tinubu’s administration has announced plans to submit Nigeria’s application to join the BRICS international organization in 2024. The announcement, which came through a social media post from the international union, signals Nigeria’s intent to align with some of the world’s most influential developing nations, including China, Russia, South Africa, and Brazil.
The BRICS coalition, representing approximately 45% of the global population, stands as a formidable challenge to the economic dominance of North America and Western Europe. Nigeria’s accession would not only expand this alliance but also mark a significant shift in the country’s trade practices, particularly in the oil sector.
Should Nigeria secure membership, it could start trading its principal export—crude oil—in the national currency, the Naira. This strategic move, advocated by human rights lawyer Femi Falana, SAN, is expected to bolster the Naira’s value and reduce the nation’s reliance on foreign exchange.
Falana has criticized the Central Bank of Nigeria’s recent measures as inadequate for resolving the ongoing forex challenges. He urges a more radical policy overhaul, suggesting that Nigeria should distance itself from the economic forecasts and policies of the Bretton Woods institutions, such as the IMF and the World Bank.
As Nigeria stands on the cusp of this economic transformation, the potential for a stronger Naira and a more self-reliant national economy looms large, promising a new era of prosperity and influence on the global stage.
