Nigeria is set to join BRICS in May 2024.

[Fiatless]

BRICS organisation X account made a tweet on Friday which reads 'Nigeria will apply to join BRICS in 2024'. Nigeria has been going through a lot of economic challenges which have caused double-digit inflation and the depreciation of the country's currency the Naira. One of the problems of the country is its over-reliance on the dollar for imports. The dollarisation of the Nigerian economy has put pressure on the Naira causing it to lose much value.

Joining BRICS might not be the only solution to the economic recovery of the country but it will contribute to its economic recovery. This is because if Nigeria eventually becomes a member of BRICS, the West African country would be trading its major exporting product which is oil in Naira and also paying for exports with its local currency, thereby reducing reliance on the dollar.

[Charles-Tim]

Without joining BRICS, when Buhari was the president, Emefiele which was the Central Bank of Nigeria governor at the time proposed something like this but it died down. He wanted export and import to be in naira and yuan. Maybe joining BRICS might help to achieve this or Nigerian government turn it down and not accept it?

Joining BRICS might not be the only solution to the economic recovery of the country but it will contribute to its economic recovery.

Joining BRICS might help a bit but it is not the solution. We have poor electricity supply and many companies moved to neighboring countries or left Nigeria complaining about poor electricity supply. Also the policies the federal government have, do not favour foreign investors which discourage many businesses from foreign investors.

Out of 100% of what we are exporting, 75% of it are crude oil and its by-products. Common cars, bikes, bicycle, phone, etc are not made in Nigeria but we continue to remain like this with no technological advancement. Although, this is not the problem of Nigeria alone but the problem of Africa. We need to be more of producer than importing goods is our problem and also able to make researches that will advance the world.

[Kelward]

I'm a Nigerian and I'm hearing this news for the first time in this thread, we the citizens of the country needs a quick solution to the constant depreciation of our local currency, naira, and if joining BRICS can bring the needed change then let it be. Although I don't think that joining BRICS is the the main solution to the inflation in the country, the government needs to address some pressing issues like making the country conducive for local and foreign businesses to flourish. Nigeria, imports more than it exports, they should provide basic amenities like constant electricity supply, tackle insecurity in northern Nigeria, and encourage local manufacturing, then the naira, will naturally start to appreciate and reclaim it's lost glory

[Barikui1]

Actually I really don't think this will solve the immediate economic crisis going on in the country, though it's might help a little bit in the sense that, since the Brics nations are not trading with the us dollar, Nigerian economy will be forced to depend less on dollar trades, because right now, the reliance on dollar is too much in Nigeria, which have contributed in the inflation going on in the country due to the devaluation of the naira.

Another thing is that, if the Nigerian government really want to bring back the country economy to life, they have to invest more on domestic production, so that they will not be too reliance on foreign made goods and services,  by doing so, the economy will recover gradually on it own.

[retreat]

Joining BRICS is not a permanent solution to improve Nigeria's economy, but for now joining BRICS is the best solution that Nigeria can take, because BRICS provides opportunities for its members to trade more fairly, access to more comprehensive cooperation, and many benefits. Coupled with the dedollarization campaign promoted by BRICS, it would be a good advantage that Nigeria could get if they could join this BRICS organization, since they can trade using their local currency instead of dollars, and this will have a positive impact on the development of the Nigerian economy.

[Hispo]

I personally believe Nigeria joining the economical block of the BRICS will indeed be a good thing for the economical development of the country, however, it won't immediately solve the problems associated with inflation and lack of acquisitive power of their citizens.
The best it could happen would be the BRICS to actually implement their own transnational currency to counter the dependence of the dollar of the United States around the world, but I don't see it happening in the short term. For now, the benefits for the people of Nigeria will be only restricted to better partnerships from other member states of the BRICS.

I still believe people are over-estimating the power of BRICS and it's members, joining in is not warranty of solving economical problems whatsoever, it only makes easier to make business with other countries.
Until they decide to actually mint their own FIAT, I will remain skeptical on the potential of such organization to rise up emerging countries like Nigeria.

There is no panacea for improving the economy of a country, only responsability on economical measures and tackling corruption within all government organizations.

[Spaceman1000$]

BRICS organisation X account made a tweet on Friday which reads 'Nigeria will apply to join BRICS in 2024'. Nigeria has been going through a lot of economic challenges which have caused double-digit inflation and the depreciation of the country's currency the Naira. One of the problems of the country is its over-reliance on the dollar for imports. The dollarisation of the Nigerian economy has put pressure on the Naira causing it to lose much value.

Joining BRICS might not be the only solution to the economic recovery of the country but it will contribute to its economic recovery. This is because if Nigeria eventually becomes a member of BRICS, the West African country would be trading its major exporting product which is oil in Naira and also paying for exports with its local currency, thereby reducing reliance on the dollar.

At these point whatever they would join to bring goodwill to the economy, let them join. Let it not be that oh because they were not allowed to join BRICS that is why we've been experiencing this economic crisis, because at these point, we are already in a cross Road, whichever direction that will lead to the salvation of the economy, will be welcome development.

Our major problem has always been our overreliance on crude oil, because we need to export other things in accordance with crude oil to give value to the Naira even if we don't want to be trading the dollar for naira.

[target]

It doesn't look like the country can make the BRICS grow. But being in the middle of Africa I think can be strategic for BRICS commerce, this alone may not be enough to offer, however.

Since Russia has reduced the production of their gas, I think if the BRICS has planned to make them join, the Nigerian government will be forced to fill the gas needs for the BRICS countries.

[letteredhub]

BRICS organisation X account made a tweet on Friday which reads 'Nigeria will apply to join BRICS in 2024'. Nigeria has been going through a lot of economic challenges which have caused double-digit inflation and the depreciation of the country's currency the Naira. One of the problems of the country is its over-reliance on the dollar for imports. The dollarisation of the Nigerian economy has put pressure on the Naira causing it to lose much value.

Joining BRICS might not be the only solution to the economic recovery of the country but it will contribute to its economic recovery. This is because if Nigeria eventually becomes a member of BRICS, the West African country would be trading its major exporting product which is oil in Naira and also paying for exports with its local currency, thereby reducing reliance on the dollar.

Nigeria joining the BRICS may not bring about all round solution to the economic debacles faced by the country , worst of it is the issue of the constant depreciation of the Naira against the Dollar that has been so suppressive to the currency in the international market, but to a large extend such marriage with the BRICS  will foster a much economic growth to Nigeria's strengthening the Naira since both local and international trades will be dealt with using the naira, unlike the dependency relations or the unequal relations  between naira -dollar.

More importantly, the dependencies condition's from these capitalist countries of the West and Europe through the IMF and World Bank  that have create certain vestiges on Nigeria economy and Africa at large will gradually wither off, because the moment Nigeria is liberated of these vestiges that has been behind the curtain of this unequal interdependence between (Nigeria) Africa and the West conditioning development in the Southern pole by the development and expansion of theirs. Other African countries will follow suit and greater economical change will be felt in the strength of African countries currency's and in all other socioeconomic aspects of the society. I think of the BRICS as a necessary evil Nigeria must be a part of for the sake of her currency strength.

[DrBeer]

BRICS organisation X account made a tweet on Friday which reads 'Nigeria will apply to join BRICS in 2024'. Nigeria has been going through a lot of economic challenges which have caused double-digit inflation and the depreciation of the country's currency the Naira. One of the problems of the country is its over-reliance on the dollar for imports. The dollarisation of the Nigerian economy has put pressure on the Naira causing it to lose much value.

Joining BRICS might not be the only solution to the economic recovery of the country but it will contribute to its economic recovery. This is because if Nigeria eventually becomes a member of BRICS, the West African country would be trading its major exporting product which is oil in Naira and also paying for exports with its local currency, thereby reducing reliance on the dollar.

Can you explain the reasons for the growth of the dollar? Just your argument that it is a consequence of "dollarization of imports" is, to put it mildly, very far from reality. These are Nigeria's export/import figures

Indicator        Period          Actual value.
Export           Jun. 2023     3.964 bln USD
International
foreign exchange
reserves       Sep. 2023      33.25 bln USD
Import         Jun. 2023       1.684 bln USD

Exports bring noticeably more than we consume imports, so the problems are not in "dolarization" but in Nigeria's internal problems.

[kentrolla]

That would be a great news and might bring some relief and make Naira stronger but this shouldn't die down like other promising projects which were just on papers and I think Nigeria might face pressure from USA for sure because the BRICS plan of using their local currency for trade will have a direct impact on USD and to be honest Nigeria is more dependent of dollars than other BRICS nations due to lack of home grown production and it's reliance on imports. Government needs to be man enought to do it by going against USA and doing what's best for the country and its people.

[franky1]

Joining BRICS might not be the only solution to the economic recovery of the country but it will contribute to its economic recovery.

Joining BRICS might help a bit but it is not the solution. We have poor electricity supply and many companies moved to neighboring countries or left Nigeria complaining about poor electricity supply. Also the policies the federal government have, do not favour foreign investors which discourage many businesses from foreign investors.

nigeria didnt get much funding support under the US IMF regime to scale up electric production. however brics has many grant/loan proposal projects(and expertise) which countries can enter into if joining brics. so i can see why they are swinging in brics direction

[Cryptomultiplier]

That would be a great news and might bring some relief and make Naira stronger but this shouldn't die down like other promising projects which were just on papers and I think Nigeria might face pressure from USA for sure because the BRICS plan of using their local currency for trade will have a direct impact on USD and to be honest Nigeria is more dependent of dollars than other BRICS nations due to lack of home grown production and it's reliance on imports. Government needs to be man enought to do it by going against USA and doing what's best for the country and its people.

It's definitely a right step in the right direction, because as it is, the country's economic state has worsened that even a country like Ukraine opted to aid the rising hunger crisis with grains worth tonnes to sustain about 1.3million  persons. This goes to show how food prices have skyrocketed alongside many other sectors undergoing subsidy removal and without an increase yet on minimum wage.
I know that accepting to use BRICS currency will mean Chinese investment would gain ahold of the country and it would sure make the country one of the pioneers of a new world order.

[STT]

I see its a kind of trade agreement and cooperation between countries but with no fixed means of settlement or reserves especially.    It could be alot of talk that is not too helpful, most cost then productive to any business within those countries but its hard to say that without judging pre-emptively.   Seems the countries hope to grow closer in some ways but I have doubts its going to happen not easily in any case.

I doubt Nigeria will leave OPEC so its already tied to those agreements across oil based economies already.  Its likely to be that oil is the main determiner of trade balance, currency flows etc in these countries.   There are many alternative attempts to pre existing western biased systems such as SWIFT or IMF or the world bank and so on, Im not sure they are due success from the ideas but its worth the attempt no doubt.    Its not new especially, Libya Egypt and other countries attempted a strong union in the green revolution long before this eco meta, it didnt last too long the countries just disagreed too much because of course they are different.

[kryptqnick]

BRICS is an ambitious project that tries to challenge the dominance of Western economies and especially of the USA. But the thing is, unlike Western economies that also share a big chunk of political priorities and ethical values with each other, the BRICS countries have very little in common. So to me, BRICS is more of a nominal union than an actual influential organization. I'm sad that Nigeria wants to join them, to be honest, because I want the people of Nigeria to have a better government and a better economy, and I don't think that joining BRICS will lead to anything good.

[stompix]

Nigeria joining the BRICS may not bring about all round solution to the economic debacles faced by the country , worst of it is the issue of the constant depreciation of the Naira against the Dollar that has been so suppressive to the currency in the international market, but to a large extend such marriage with the BRICS  will foster a much economic growth to Nigeria's strengthening the Naira since both local and international trades will be dealt with using the naira, unlike the dependency relations or the unequal relations  between naira -dollar.

Questions:
1) Why are you not doing deals in naira with other countries right now?
2) What is stopping you buying things from China or Iran or Afghanistan or India with nairas?
3) If nobody wants your naira now because it's worthless and you can't keep it for two days without losing 10% why would anyone accept it after you joined BRICS?

Additional question
If BRICS would help you prop the country currency against the dollar why has the Iranian Rial lost 90% of its value in 4 years?

More importantly, the dependencies condition's from these capitalist countries of the West and Europe through the IMF and World Bank  that have create certain vestiges on Nigeria economy and Africa at large will gradually wither off, because the moment Nigeria is liberated of these vestiges that has been behind the curtain of this unequal interdependence between (Nigeria) Africa and the West conditioning development in the Southern pole by the development and expansion of theirs. Other African countries will follow suit and greater economical change will be felt in the strength of African countries currency's and in all other socioeconomic aspects of the society. I think of the BRICS as a necessary evil Nigeria must be a part of for the sake of her currency strength.

Yeah, worked wonders for South Africa



But be my guest, keep "liberating" yourself, just don't forget the on all fours pose when begging the west to come back like Zimbabwe did!

BRICS is an ambitious project that tries to challenge the dominance of Western economies and especially of the USA.

I always find it funny how it's always labeled western alliance  
https://en.wikipedia.org/wiki/List_of_countries_by_easternmost_point
Removing microstates you have:

1    Russia   
2    New Zealand   
8    Australia   
12    Japan   
13    Indonesia   
14    China   
16    South Korea
17    North Korea   
19    Philippines   
20    Taiwan   

There are 3 countries in the "new shit order", and 6 aligned with the "west" if you look at the east! Not to mention that Brazil is east of all of Europe!  

[Ayers]

Actually I really don't think this will solve the immediate economic crisis going on in the country, though it's might help a little bit in the sense that, since the Brics nations are not trading with the us dollar, Nigerian economy will be forced to depend less on dollar trades, because right now, the reliance on dollar is too much in Nigeria, which have contributed in the inflation going on in the country due to the devaluation of the naira.

Another thing is that, if the Nigerian government really want to bring back the country economy to life, they have to invest more on domestic production, so that they will not be too reliance on foreign made goods and services,  by doing so, the economy will recover gradually on it own.

But to be able to promote domestic production, you need to have capital as well as the necessary resources. So, if a country has no allies, does not belong to any economic organization and is completely alone. So how to revive the domestic economy? Look, every developed country has always had very good relations and diplomacy so joining BRICS is necessary for Nigeria.

It is true that there is no 100% guarantee that Nigeria will improve its economy when joining BRICS, but at least it is an opportunity because once they receive help from the whole bloc, they will easily revive the economy instead of fighting alone.

[Bitco55]

This is great news for the country, but at this point, it may need more than that to save it. Apart from exporting why can't the production rate increase? This Would by far reduce the rate of importation and thereby reduce the rate of dollar-naira exchange.

Nigeria has honestly gone through a lot in the past 4 - 8 years... but no other year beat that of 2023 /2024. Everything literally went haywire in the year 2024, whilst everyone was thinking it'd be a good year. It needs literal help. Hope this information is true and will be useful in saving the country.

[Fiatless]

Questions:
1) Why are you not doing deals in naira with other countries right now?
2) What is stopping you buying things from China or Iran or Afghanistan or India with nairas?
3) If nobody wants your naira now because it's worthless and you can't keep it for two days without losing 10% why would anyone accept it after you joined BRICS?

China once had a currency swap deal with Nigeria and it was agreed that both nations will engage in trade with local currencies. But the deal is not functional due to the constant fall of the Naira. The Naira has gain significantly recently and Goldman Sachs predicted that the currency will appreciate for the next twelve months. These countries reason for not trading with Naira might be because they always want to earn dollars to settle other trading partners.

Additional question
If BRICS would help you prop the country currency against the dollar why has the Iranian Rial lost 90% of its value in 4 years?

Iran is going through a lot of economic challenges which has contributed to the fall of the the Rial. If Western sanctions on Iran is lifted, the Rial will do better.

[stompix]

The Naira has gain significantly recently and Goldman Sachs predicted that the currency will appreciate for the next twelve months.

https://dailypost.ng/2024/03/09/naira-depreciation-continues-against-usd-at-forex-market-days-after-binance-exit/
Where can I see those gains?

Besides, you're looking at a rate hike of 400 points up to 22.75%, the US is at  5.25% and the EU at  4.50%, you know what a 22% rate would do to the investments the country badly needs?
 

Iran is going through a lot of economic challenges which has contributed to the fall of the the Rial. If Western sanctions on Iran is lifted, the Rial will do better.

So, at the end of the line, nothing has helped the country despite being part of BRICS and the western influence is still making the rules.