In 2024, will Nigeria join the BRICS?
Nigeria is preparing to submit an application to join the global organization known as BRICS, under the leadership of President Bola Tinubu.
The international union announced this on Friday in a post that was shared on social media.
“Nigeria will apply to join BRICS in 2024,” the union wrote.
Major global powers like China and Russia as well as nations with sway on their continent like Brazil and South Africa are included in the BRICS group.
Approximately 3.5 billion people, or 45% of the world’s population, are members of the expanded group.
By taking this action, Nigeria would be trading its main export good, oil, in Naira in the event that the West African nation joins BRICS.
The purpose of the organization was to unite the most significant developing nations on the planet in order to counter the political and economic might of the wealthier countries in Western Europe and North America.
Human rights attorney Femi Falana, SAN, claimed in February that exchanging crude oil for naira would increase the value of the currency and lessen reliance on foreign exchange.
Falana claimed that a more thorough policy change was required and that the Central Bank of Nigeria’s recent circulars are insufficient to address the forex issues.
He went on to say that the Federal Government ought to depend less on the macroeconomic forecasts and strategies of Bretton Woods organizations such as the World Bank and the International Monetary Fund (IMF).
Falana said it was time for Nigeria to get into the bloc in order to save the naira.
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