Should Nigeria Join BRICS?

SHOULD NIGERIA JOIN BRICS?

As many raised concerns on the dependency of Nigeria on the US Dollar, In a recent interview with renowned Nigerian lawyer and human rights activist Femi Falana on Channels television, the Senior Advocate Of Nigeria argued that Nigeria’s economic future hinges on breaking free from the restrictive prescriptions of institutions like the International Monetary Fund and the World Bank.

Femi Falana, SAN said these bodies have long advocated for policies, such as subsidy removal, currency floating, and austerity measures, which have led to economic instability, increased poverty, and a loss of sovereignty over national economic policies.

The renowned human right lawyer further urged the Nigerian government to join the BRICS group, which he said offers a compelling alternative. Countries like Russia, Brazil India, China, and South Africa are a part of the BRICS, prioritised economic independence by reducing reliance on the US dollar and fostering trade in their own currencies.

In a way, these allows them to retain much control over their economies, ensuring that development strategies align with their unique needs and aspirations. BRICS now accounts for 36 per cent of global GDP in purchasing power parity. With nations such as Saudi Arabia, Iran, the UAE, Ethiopia, and Egypt joining BRICS, Nigeria’s absence seems glaring.

Few years ago, under the Buhari administration, there was a proposal to switch from the Dollar to Yuan since most of our importation were primarily from China. The push for this was stalled by the then Buhari government.

Should Nigeria Join BRICS? Nigerians opinions are needed on this…