Nigeria Set to Join BRICS, May Commence Crude Oil Trading in Naira

Nigeria Set to Join BRICS, May Commence Crude Oil Trading in Naira

The government led by President Bola Tinubu is actively pursuing an application for Nigeria's membership in the international organization, BRICS.

This information was shared via social media on Friday by the international union.

"Nigeria will apply to join BRICS in 2024," the union announced.

BRICS comprises major global powers like China and Russia, as well as influential countries on their respective continents such as South Africa and Brazil.

The expanded group represents approximately 3.5 billion people, constituting about 45% of the world's population.

The purpose of this coalition is to unite the most significant developing nations globally, with the aim of challenging the political and economic dominance of wealthier nations in North America and Western Europe.

If Nigeria successfully secures membership in BRICS, it would mean trading its primary export commodity, oil, using the Naira.

In February, human rights lawyer Femi Falana, SAN, advocated for trading crude oil in Naira, emphasizing that it would not only strengthen the currency but also reduce reliance on foreign exchange.

Falana argued that recent circulars issued by the Central Bank of Nigeria were insufficient in addressing forex challenges, stressing the need for a more comprehensive policy shift.

He further suggested that the Federal Government lessen dependence on economic forecasts and policies from Bretton Woods institutions like the International Monetary Fund (IMF) and the World Bank.

According to Falana, Nigeria should consider joining the economic bloc to stabilize the Naira.


https://saharareporters.com/2024/03/08/nigeria-set-join-russia-china-brics-may-start-trading-crude-oil-naira

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