The President Bola Tinubu-led government is actively pursuing an application for Nigeria to join the prestigious international organization, BRICS. This revelation was disclosed in a recent post shared via X (formerly Twitter) by the international union.
BRICS, comprised of major world powers such as China and Russia, along with influential continental players like South Africa and Brazil, holds significant geopolitical and economic influence. With a combined population of approximately 3.5 billion people, representing 45% of the world’s inhabitants, BRICS aims to challenge the dominance of wealthier nations in North America and Western Europe.
Joining BRICS would mark a pivotal moment for Nigeria, potentially enabling the country to trade its primary export, oil, in Naira. This shift, advocated for by prominent figures like human rights lawyer Femi Falana, SAN, holds the promise of bolstering the currency’s value and reducing dependence on foreign exchange.
Falana emphasized the need for a comprehensive policy overhaul, urging the government to diminish reliance on economic predictions and policies from institutions like the International Monetary Fund (IMF) and the World Bank. He asserted that Nigeria’s entry into the BRICS economic bloc could serve as a vital step towards stabilizing the Naira and fostering greater economic autonomy.
As Nigeria navigates its path towards joining BRICS, the move underscores the government’s commitment to enhancing the country’s economic resilience and global standing in the international arena.
