Joining BRICS could help Nigeria minimize risks and ensure sustainable development in an increasingly polarized world, Nigerian newspaper The Nation pointed out.
According to the media, the dollar will remain the dominant currency of world trade, but current socio-economic and political realities clearly call for countries thinking about their future to diversify their investment and trade options.
BRICS is a platform for such diversification; the sooner Nigeria does this, the better for its crisis-hit economy, the article states.
"Consequently, I am of the strong opinion that going forward, BRICS is an opportunity for Nigeria to be emancipated from the shackles of US Dollars, and will certainly free and hedge Nigeria’s economy from the straight jacket situation with the US Dollars in terms of trade, investment, and international relations. As the giant of Africa, Nigeria’s membership in the BRICS is long overdue," the author of the article believes.
Economic advantages of Nigeria's potential BRICS membership were also outlined by David Okpatuma, the board chair of the Development and Corporation for Africa (DevCA) Initiative, who told Sputnik Africa that the bloc could help the nation with debt settlement, GDP growth and financial crisis.
In January, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates became full members of the BRICS, which was formerly made up of Brazil, Russia, India, China and South Africa. According to South African Foreign Minister Naledi Pandor, about 34 nations were interested in joining the organization.