Nigeria’s administration, under President Bola Tinubu, is actively seeking membership in the global group BRICS, the union itself disclosed in a recent social media post.
In order to challenge the dominance of wealthy nations from North America and Western Europe, the BRICS alliance, which includes powerful states like China and Russia, seeks to bring together important developing nations.
Nigeria may be able to exchange its main export, oil, for its native currency, the Naira, if it is successful in joining the BRICS. Femi Falana, a human rights attorney, claims that this action could increase the value of the Naira and reduce reliance on foreign currency.
Falana also supports a lessened reliance on economic projections from organizations such as the World Bank and the IMF, arguing that joining BRICS could provide a route to the economic issues arising of the country.
