Nigeria is poised to join Russia and China in the BRICS group, potentially initiating crude oil trading in Naira. The President Bola Tinubu-led administration is actively pursuing BRICS membership, as announced by an international union on X (formerly Twitter) on Friday.
The move signifies Nigeria’s intention to diversify its economic alliances and reduce dependence on traditional Western partners.
If admitted, Nigeria would join major global players like China and Russia, as well as influential regional powers like South Africa and Brazil within the BRICS framework.
Trading crude oil in Naira, as proposed by human rights lawyer Femi Falana, could bolster the currency’s value and lessen reliance on foreign exchange.
Falana advocates for a broader policy shift away from dependence on institutions like the IMF and the World Bank, urging Nigeria to embrace BRICS membership as a means to strengthen its economic position.
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