The Federal Government is actively working on submitting an application for Nigeria to join the BRICS international organization.
This was made known on Friday in a social media post by the international union.
“Nigeria will apply to join BRICS in 2024,” the union wrote.
BRICS comprises major global powers like China and Russia, along with influential regional players such as South Africa and Brazil.
This collective entity represents about 45% of the world’s population, totaling approximately 3.5 billion people.
The primary objective of BRICS is to unite the most significant developing nations globally, challenging the political and economic dominance of wealthier nations in North America and Western Europe.
If Nigeria successfully becomes a member of BRICS, it would potentially mean a shift in trading its major export, oil, using the Naira rather than foreign currencies.
Human rights lawyer Femi Falana, SAN, had in February opined that conducting crude oil transactions in Naira could not only enhance the currency’s value but also reduce reliance on foreign exchange.
Falana criticized the adequacy of recent circulars by the Central Bank of Nigeria, asserting that a more comprehensive policy shift is essential. He urged the Federal Government to decrease dependence on economic forecasts and policies from institutions like the International Monetary Fund (IMF) and the World Bank.
According to Falana, joining the economic bloc like BRICS is imperative for Nigeria to salvage the Naira.
