Nigeria Set To Join Russia, China In BRICS, May Start Trading Crude Oil In Naira

The President Bola Tinubu-led government is working towards submitting an application for Nigeria to join international organisation, BRICS.

This was made known in a post shared via X (formerly Twitter) on Friday by the international union.

“Nigeria will apply to join BRICS in 2024,” the union wrote.

BRICS countries include major world powers, such as China and Russia, and countries which are influential on their continent, such as South Africa and Brazil.

The expanded group has a combined population of about 3.5 billion, or 45% of the world’s inhabitants.

The group was designed to bring together the world’s most important developing countries, to challenge the political and economic power of the wealthier nations of North America and Western Europe.

What this move means is that if Nigeria eventually becomes a member of BRICS, the West African country would be trading its major exporting product which is oil in Naira.

In February, human rights lawyer, Femi Falana, SAN, stated that trading crude oil in naira would not only boost the currency’s value but also reduce dependence on foreign exchange.

Falana asserted that the Central Bank of Nigeria’s recent circulars are insufficient in addressing the forex issues, noting that a more comprehensive policy shift was necessary.

He added that the Federal Government should reduce its reliance on the economic predictions and policies of Bretton Woods institutions like the International Monetary Fund (IMF) and the World Bank.

According to Falana, it was time for Nigeria to join the economic bloc to salvage the Naira.