‘Very Promising’: Nigerian WYF Participant on BRICS and Prospects It Provides for Country, Africa

Nigeria's potential BRICS membership will help the country with debt settlement, GDP growth and financial crisis, David Okpatuma, the board chair of the Development and Corporation for Africa (DevCA) Initiative told Sputnik Africa on the sidelines of the World Youth Festival.

“We would develop our own internal payment and debt settlement systems. […] It's also going to improve the inflow of trade and improve the GDP of the country. So basically, I see the membership of Nigeria to the BRICS Plus as a very promising intervention that will salvage the current financial crisis, especially being experienced in Nigeria and other African countries,” Okpatuma said.

Moreover, Nigeria could experience the benefits of the BRICS Bank and the BRICS Pay payment system. As a major trading partner to the global markets, the country could also contribute to and benefit from the trade within the bloc.

Opinion

'Multipolarity is New World Order': Head of Ghana Delegation Hails World Youth Festival in Russia

6 March, 14:38

The DevCA's CEO further mentioned the fact that the dollar is more popular in Africa than local currencies and urged for de-dollarization, reminding that when goods are bought using a foreign currency, the value of the products is not commensurate.

“[…] If you do not de-dollarize, you cannot have an increased appreciation for your currency. […] We need to break the dollar hegemony to a large extent to boost the economy, the financial sustainability and the bargaining […] power of our local economies. So it also improves the means of livelihood and also helps us come to a certain level playing field in global transactions and in global commodity markets,” the guest added.

Aside from that, the speaker revealed that he was impressed by the amazing organization of the event and the huge number of participants who can engage with each other not only in the sphere of politics, but also in art, fashion, business and much more, adding that the festival is "a perfect platform for global friendship."

Okpatuma ended the interview with a very positive message for the youth of Africa, noting that their future will be “exciting and very colorful” and that the past cannot determine it. He called for youngsters to strive for justice and equality, while reminding that friendship with Russia “can be good” for the new generations.

“[…] As young people, we have our future in our own hands. […] We want to build our own healthy, sustainable, linear transcripts and networks. We do not have to inherit or suffer the consequences of a past policy, past administration or anything that doesn't translate to the egalitarian well-being or equity or fairness or justice that we deserve. We are the […] global labor force. [...] We should have that at the back of our minds when building new friendships and building bridges,” the interviewee concluded.