Details as Nigeria Set To Join Russia, China In BRICS

Nigeria, under the leadership of President Bola Tinubu, has announced its intentions to apply for membership in the BRICS coalition in 2024.

This was revealed through a post on X (formerly known as Twitter) by the international organization, marking a potentially transformative moment for Nigeria’s position on the global stage.

BRICS, which includes global powerhouses like Russia and China, along with other influential nations such as South Africa and Brazil, represents a collective endeavor to shift the economic and political influence away from the traditionally dominant Western powers of North America and Western Europe.

Meanwhile, with a combined population that accounts for approximately 45% of the global total, the group stands as a formidable alliance of developing countries.

One of the most intriguing prospects of Nigeria’s potential BRICS membership is the opportunity to trade its primary export, crude oil, in the Nigerian Naira. This move, advocated by human rights lawyer Femi Falana, SAN, in February, is seen as a strategy that could substantially enhance the value of the Naira while diminishing the country’s dependence on foreign exchange.

Falana criticized the Central Bank of Nigeria’s recent policy measures as inadequate for resolving the forex crisis.
He called for a more radical policy overhaul that lessens Nigeria’s reliance on the forecasts and policies of the Bretton Woods institutions, such as the International Monetary Fund (IMF) and the World Bank.

Joining BRICS, according to Falana, could be a critical step in rescuing the Naira and repositioning Nigeria’s economy for greater autonomy and resilience.