By Mohammed Bello Doka
In a bold move towards economic repositioning, Nigeria, under the leadership of President Bola Tinubu, is poised to apply for membership in the influential BRICS alliance. The announcement, disseminated through social media by the international union on Friday, signals Nigeria's intent to join the ranks of global heavyweights like China and Russia, as well as regional powerhouses such as South Africa and Brazil.
BRICS, known for its collective clout and significant demographic representation, comprising approximately 45% of the world's population, was established to counterbalance the dominance of North American and Western European nations on the global stage.
If Nigeria's bid for BRICS membership proves successful, it could herald a seismic shift in its economic landscape, particularly regarding its primary export commodity: crude oil. With discussions underway, there's speculation that Nigeria might transition to trading oil in its national currency, the Naira.
This prospective move has garnered support from various quarters, including human rights lawyer Femi Falana, SAN, who contends that such a transition could bolster the Naira's value and reduce reliance on foreign exchange. Falana has advocated for a departure from traditional economic models dictated by institutions like the IMF and the World Bank, urging the government to explore alternative avenues for currency stabilization.
As Nigeria sets its sights on broader economic horizons, the prospect of BRICS membership offers a glimmer of hope for rejuvenating its currency and forging new pathways towards sustainable growth.
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