In a significant development, the Bola Tinubu-led government of Nigeria is actively pursuing membership in the international organization known as BRICS, as revealed through a social media post shared by the union. The announcement signals Nigeria’s intention to join the ranks of major world powers, including China and Russia, alongside influential countries such as South Africa and Brazil.
BRICS, comprising nations with a combined population of approximately 3.5 billion people, holds significant economic and political sway, representing about 45% of the world’s inhabitants. The union was originally formed to provide a platform for the most important developing countries to challenge the dominance of wealthier nations from North America and Western Europe.
If Nigeria’s application to join BRICS is successful, it could have far-reaching implications, particularly concerning the country’s key export commodity: crude oil. Trading oil in the local currency, the Naira, could potentially bolster its value and reduce dependency on foreign exchange, as highlighted by human rights lawyer Femi Falana, SAN.
Falana emphasized that recent circulars from the Central Bank of Nigeria are insufficient in addressing forex challenges and advocated for a more comprehensive policy shift. He urged the government to decrease reliance on economic forecasts and policies from institutions like the International Monetary Fund (IMF) and the World Bank.
Joining the BRICS economic bloc, according to Falana, presents an opportunity for Nigeria to revitalize the Naira and assert greater control over its economic destiny. As discussions around BRICS membership and crude oil trading in Naira gain traction, Nigeria stands at a critical juncture in shaping its economic future and reducing dependence on external forces.
