Topic: Nigeria is set to join BRICS in May 2024. (Read 539 times)

And how will that change by joining an alliance that has 8 or more like 8.5 out of 10 countries run by a totalitarian corrupt to the core regime with a leader for life? 

Anyhow, as I said before
This is what I didn't get from the first line of this topic, how would that help, again, the first line in the opening post:


this is not a thing you would want to do at allll!!!!
Your naira is going down because people sell it for other currencies, trading oil for dollars brings in hard foreign currency that supports your naira, if you would be receiving instead Indian rupiah or knows other worthless currency like the rial or the rand you're going to have even a worse time than before!
Why do you think Russia didn't want rupiah and India didn't want to pay in yuan?

So why the enthusiasm when the so-called fix will definitely make everything worse?

The entity called Nigeria didn't exist, but the areas or kingdoms that made up Nigeria existed. Check out my post and you will see that I have never blamed the West or any other nation for the underdevelopment of Africa. I only brought up these issues to show that we have been partners with some European nations for a long time. I will shout on top of Mount Everest that Africa's problem is not colonialism but bad and fantastically corrupt leadership.   

didn't exist! There was no such thing as Nigeria!
The Sokoto Caliphate was still running half of the country even at the start of 1900.

As for the rest, you're been independent for almost a century, with a British dominance that lasted not even that much and you still can't let it go. South Korea was in a worse share in 1960 and went through a war, yet look at it now. But keep blaming stuff that happened a century ago, the dollar, the US, the reptilians and you're going to see where that leads, in a circle of blame!

During this period Nigeria was an important trading partner of European nations because it supplied raw materials that fed the industries in the West. Nigeria was also an important slave market which supplied the manpower to grow cash crops in the New World and the West Indies. According to a study the value of 54 male and female slaves was about £5,100, a sum equal to around £500,000 today. It was estimated that Great Britain had about 3.26 million captives. The rough estimate I did showed that the British-Africa trade partnership yielded about £3 billion. I am sure the worth of trade on cash crops will exceed this sum.         

https://www.cam.ac.uk/research/news/price-of-britains-slave-trade-revealed

It's exactly the opposite!

A strong USD as it is right now means a useless naira, making imports very expensive and making exports viable!
But since the country doesn't have the capacity to even cover domestic demand and relies a imports even for food , you have the problems that are currently wrecking havoc in the county!

And this is the main reason while  this whole brics thing won't fix a thing, just as it didn't fix a thing for South Africa either in all these years, for people to accept to trade in naira your currency must stop being toilet paper, nobody will accept it just because you're in an alliance, just as Russia refused Indian rupees, this revived Comecon that more about politics than actual economic facts will have the same fate!


Trading partners for centuries? What was Nigeria like in 1800 or 1700?

This may also be a reason. But nevertheless the USD is a problem for various reasons. A strong USD can lead to an appreciation of the Nigerian currency Naira, making exports more expensive and reducing their competitiveness in international markets. This can lead to reducing export revenues, threatening jobs and economic growth. Additionall Nigerias heavy reliance on oil exports makes it particularly vulnerable to fluctuations in global oil prices, which are often quoted in USD.

And this is the most inconvenient version, for the corrupt, or corrupted, authorities. Instead of recognizing their inaction or corruption, they habitually find guilty parties "on the side" to save their seats of power. And the population, if it accepts such explanations, is to blame for these problems, because instead of solving real problems, they support populist and false "explanations"

Well for me I see as good move but one thing I see is not all about joining BRICS is the issue but maintaining their ground to transact appropriately because most time out government make good move for a start but don't follow it to the end , allot of good move and plan has been made in various aspects and sector but nothing to write home.

This just one step among thousands to change the narrative of the country economy breakdown. We should never neglect production improvement and saverging importation by increasing local production in all sectors.

Joining BRICS is good Nigeria as it provides access to a fast growing market, there will be increased trade opportunities & potential foreign investment. It also enhances Nigeria's geopolitical influence & allows for collaboration on global development issues. The coms are BRICS could bring economic competition, dependency on member countries & the need to align policies. Weighing it up though, I think it’s mostly positive if Nigeria joins soon.

 Yes our government wants to try to leave the US interference but they do not have the balls to do so.

They have so many dirt on them and I think that it is the US bargaining chip. Look at the president for instance, he has a drug file with the FBI some of which were released. A sitting government minister, has been convicted in the US for money laundry related charges. A sitting member of the president's cabinet has also in the past been convicted for credit card fraud. And there are many more. These folks are all presently in the government.

They can't escape the interference from the US because they know the consequences of that.


As for BRICS, no, we are not going to join. I do not believe whatever I read on the news about it. They are chameleons.

- FBI Files Link Nigerian President Bola Tinubu and Associates to Indiana Judicial System Corruption and Drug Trafficking

- US nears deal on Governor Bagudu’s money-laundering case

-EXCLUSIVE: Gbajabiamila Was Found Guilty By Supreme Court Of Georgia In US

the problem with nigeria HAD alot to do with US dollar interference. nigeria over the last decade are trying to leave US interference
(even OPEC oil was dollar cost controlled, however saudi/brics, other nations/commonwealths are trying to change that)

The problem with the Nigerian economy has nothing to do with the US Dollar, but more with the government corruption and bad political decisions and appointment of friends and family in key government positions.

Nigeria is a Oil rich country and the citizens are supposed to be benefiting from that, but the spoils from that are flowing into the pockets of a few elites and the corrupt government that put them into those positions.

Its still remains a news,although Nigeria has not said anything about this new implementation,and it seems like the BRICS are the ones trying to or offering Nigeria a chance to join and connect with the BRICS with that promise of trading and exporting their natural resource like oil in naira...🙂

It seems like its a contract to me...I clearly won't appreciate it that this BRICS are placing thier fake manifesto to Nigeria just so they can lure Nigeria into joining them.
Nigeria should focus on fighting and gaining back their economic prowess from wherever they lost it.Although,they haven't responded,and Nigeria should still reconsider this offer;they need not to be told how to handle their utility and economic growth.

In theory, everything sounds nice. But the reality is somewhat different.
A classic economic union is a kind of symbiosis when interaction between entities brings mutual benefit.
Today's world is somewhat different, especially with such “partners” as China. For example, China needs resources and markets from its “partners”. And in this process, the other party receives little return. Insignificant in relation to the return to China. The same example of China-Russia relations. Russia has become China's raw materials appendage. China receives Russian resources for pennies, and receives other benefits, such as vast territories that Russia transferred to China for virtual monopoly use. In return, Russia receives yuan, for which it can buy consumer goods, and some political support, or rather, China’s passive position on the world stage, in addition to what Russia is doing, for example, in Ukraine. China does the same with other countries that fall into its “paws”. The second concept of China is “friendly investments”, which in fact, as a result, become absolutely unprofitable for China’s partners. Example: Sri Lanka, study how China "helped" this country

The dollarization of the Nigerian economy is not the main problem. In fact, it is a symptom of deeper issues such as a lack of economic diversification, corruption, and poor governance. The over-reliance on a single currency can lead to currency fluctuations and limit the country's ability to respond to economic shocks. Instead of dollarization, Nigeria should focus on developing its own economic strengths and increasing its self-sufficiency. This can be achieved through investments in infrastructure, education, and human capital, as well as promoting local industries and entrepreneurship.

Weak countries can unite and to form a strong union that can benefit them positively. Africa don't need to be partner with the nations that you mentioned to come out of it's economic woes. After all these nations have been Nigerian's trading partners for centuries. Russia, India, Brasil, South Africa might not be as rich as Western nations but Nigeria has lot to benefit from them in the construction, educational, health and other sectors. Africa don't need nations that throw money on them form of loan and grants, what we need is transfer of technology which could help us to become a productive nation.

Recently China and Lebanon businessmen are leading the recycling industry of Nigeria and this have been to helpful in the reduction of waste generation in Nigeria. It has created employment and transfer of technology because may indigenous recycling industries have been springing up. A small Investment like this benefit the community and not external loans that will be stolen by politicians.

lets start with (4)

Iranian Rial has lost 90% ... to what?

0.000030rial vs $1dollar  to 0.000024rial vs $1 seems to be the average
math went from 100% to 80% meaning a 20% drop.. not a 80% drop

yep the only RED alert of downside is USD by 20% but not as big as your 90%

but when compared to other "eastern" countries you listed.. they are green where iranians get more other currency for their rial

east math(ignoring decimal 0's)
iranian rial to chinese yuan 16 to 17 = +6.25%
iranian rial to russian ruble 15 to 21.5 = +43.33%
iranian rial to N.zealand dollar 35 to 38.6 = +10.28%
iranian rial to indonesian rupiah 33 to 36.9 = +11.81%
iranian rial to S.Korean won 27 to 31.117 = +15.24%


notice how UNNATURALLY straight the rial-USD market went vertical and horizontal..
now how NATURAL the 'eastern countries' traded and moved to new highs

Indeed, China and Russia have significantly increased their invests in Africa in recent years, aiming to strengthen their economic and geopolitical influence on the continent. China has a initiative called "Belt and Road" that led to substantial infrastructure development projects in various African countries, while Russia has focused on energy and natural resource partnerships. These investments have sparked both opportunities and concerns, as african nations seek to balance economic growth with potential dependencies and sovereignty issues.

You have made your own point clear and hownit suites positively in favour of where you're coming from but the undeniable truth which is not born out of any form of sentiments still remains that the relationship between the West/Europe and those countries of the African continent is widely unequal favourable to the the Northern pole alone.  Like I have said time without number, Africa suffers from  bad leadership that's clothed in greed and this greed has made the leaders to perpetually perpetuate the unequal relations of dependency. Paul Baran in his Political Economy of Growth explains a lot even to a layman's understanding about these developmental issues.

I certainly not against the West or Europe but in the light of things when we continue doing same thing and expecting a different results, it's an act of madness, and that's what makes it necessary for dynamic change in the economical relations of Africa as a whole and not just a unit of Zimbabwe or whatever.

going solo(domestically) can be done, just takes time

step 1a. not rely on western "aid".
step 1b. not rely on blackmarkets.(stealing aid to sell)
step 2. start up ethical/clean business again.
  - 2a. first retail to sell ready made goods and offer employment,
     - 2b. this gets the ethical/ good economy markets(stalls and shops) opening to ignite general domestic economy
step 3. then fund building basic infrastructure of nigerian locals manufacturing.
 
but it takes time and money
but less time/money than doing step 3 followed by step 2

also current process of last few decades of relying on aid and then skipping to 2b. but not doing 3, didnt work
(where corrupt people, pirates, guerilla groups steal aid then sell on blackmarket)
...
so steps of: first official ethical retail needs to outweigh blackmarket to get good money flowing. then that can spark employment and fund domestic production growth of produce which then funds public infrastructure

doing steps above and using brics to push step 3 forward side by side would be best option.. if all goes right in those partnerships of goods and infrastructure trade deals

Expressing intention to join isnt actually applying. However, there are pros and cons to that should be noted when the country eventually joins firstly, it might bring about economic diversification since the nation is highly consuming it might bring in foreign direct investment in the manufacturing sector also BRICS nation which are originally 5 could have a greater say in terms of international issues concerning Nigeria. The cons will result for the Nigeria to be heavily dependent on the BRICS nations and therefore shifting policies to only favour these countries.

It is true that Africa has been used and abused, but we can have our time now but which our leaders are not concerned about. I do not know what is actually causing this. Everything is not just working. I think if Nigeria leaders are competent enough, we do not need the help of the West or East to build ourselves. That is what we need from the leaders but they know more of politics than economy. Example is in technology which Nigerians are poor at and depend on countries like China and other companies. Importing phones, other devices, cars and other things without producing any. If I tell you that we import common touch lights, light bulbs, grater, most matches et cetera. They are not produced locally. Almost every equipment are made in China. Nigeria need to wakeup. Joining BRICS might help a bit but it has not solved the cause of the issue we have in Nigeria. Also Africa countries needs to think like this. We just want to copy the Whites but not want to do it in our own way. Yet they copied but not getting it right. Everything Africa can need to have economic growth and development is inside Africa but they do not just want to discover anything but sleeping.

africa as a whole has been used and abused by the international community for centuries
everything from international groups stealing agricultural land, displacing natives.. to then mega-farm produce excess food to then throw it at the country as 'aid' to then kill off demand for family run independent farmed produce, causing more conflict, unemployment and homelessness which has for decades caused delays in progress.. and thats without discussing the other resource manipulations of the international groups..

i can see why places like nigeria turned down (western)international support because being handed grants/aid for free kills commerce which kills taxation which kills public utility growth
it happened in haiti too after their disasters. when international aid was handing them free solar and free satellite internet. it killed off its own domestic services of energy and communication..

though many people scream their racist calls about US and non-us superpowers. when infact the west failed africa, i can understand why they would try to seek other support. especially when they have more export trade ties to the east anyway(compared to the west) so better to do more deals with the east

.. they need some support to bootstrap the beginning of rebooting infrastructure growth to then be self sustainable

no one can tell if the nigerian-brics deals will operate without corruption and actually start a new era for nigeria. but compared to the status quo of the last few decades, something needs to change

I've always known Nigeria and its government of pointing out errors regarding its devaluing of its currencies naira including some faceable claims of being responsible for its economy downfalls. Meanwhile, they never hesitate to take drastic actions towards their findings and after it all they rollover at where they would chanel next accuse of being responsible for their developments. Recently they said the Binance exchange and other digital exchanges was responsible for the devalued of their naira and has banned the used of the Binance exchange and other exchanges in the country while it was all lies andbesidesy, they failed to consider how that service enhances a flexible fairness to their citizens who're into crytop currencies trading. This happened even as they repeatedly banning and unbanning crypto access adoptions by their governments institution.
I think this country is frustrated and having an alignment with the BRICS might not be the solution to their economic determinant but straight up to their governing system that's full of selfish interests and misusage of powers.

Why do you think that the dollarization of Nigerian economy is the main problem? There are many economies around the world, that are "dollarized", but they are doing pretty well. Joining BRICS isn't some kind of economical and financial panacea. What's stopping Nigeria to sell oil for naira without joining BRCIS? Maybe China and India will accept buying oil for naira, but I doubt that the western countries would agree to naira payments for the Nigerian export. The main way to fight inflation in Nigeria is imposing a more restrictive monetary policy by the Nigerian central bank and the Nigerian government finally trying to put government spending under control.

Question - what is the point of BRICS, as an economic union, to join countries with troubled economies?

No offense, but if you look at the composition of the BRICS now, most of them are countries with systemic problems in their economies. And these are not only rogue countries (Russia, Iran), but also China, Brazil, South Africa. And the "weight" of these economies within the BRICS union is more than 50%. How can they fix their "problems" if their partners are the same "economic losers"? I understand when the EU was created, where Germany, France, Italy, and other countries had stable, self-sufficient, strong economies. And in such a union - 75% of the joint economy of the union - stable, and 25% - yes weaker, but they are well supported by the stronger. In BRICS, the picture is actually diametrically opposite....

I don't really understand the situation in Nigeria, but at first glance it still concerns the issue of inflation and worrying economic conditions. If it is related to joining BRICS, perhaps the government there has given up because dependence on the dollar cannot solve its economic problems. In this case, BRICS has a lot to offer to improve the economic situation there. With Nigeria joining BRICS, will Nigeria's international relations with America improve? Seeing several countries joining in and showing positive results is a strong reason for Nigeria to take the right decision to save the country's economy, at least reducing the dependence that has been shackled Nigerians on the dollar.

The problem we have in Nigeria is bad governance and incompetent leadership. Ghana is was estimated to be 32.83 million in population in 2021 and it is generating electricity that is almost three times of the electricity that Nigeria is generating. Yet Nigerians are more in population. In 2021, Nigeria population estimate was over 200 million people. We were supplying Ghana electricity before. But now Ghana said they can supply us electricity if we accept such offer.

Nigeria surely needs a Plan B as their Plan A failed miserably. They are also facing a huge amount of internal conflicts due to the resurgence of terrorism group like Boko Haram amongst others. The majority of African country is failing due to the corruption and internal conflicts. Let's hope that joining BRICS will help them to export their products in local currencies thereby reducing the dependency on US Dollar.

Nigeria is sitting on a pile of natural resources. It's only due to the internal conflicts and corruption, they are not able to make the right move to monetize them. Joining BRICS might help them slightly to recover. 

I know China and Russia are slowly spreading their "wings" in African countries but this still came as a surprise to me since I thought Nigeria is heavily influenced by US and West allies from a political and economic standpoint. I think the transition is not going to be a smooth one so best of luck to the current politicians supporting the BRICS membership.

Massive news if I do say so myself. I'm not so sure about the martial implications of this as if I'm not mistaken Nigeria's not really keen in allying themselves with their oppressors (USA) and allying with countries that directly oppose the US might just mean business. Although it also makes sense that they do this in such a tumultuous economic state for the US, they know that the America wouldn't really be interested in attacking 'enemies of the state' at this stage since it's much more important to ensure that they don't fall face flat into another economic crash, which they are heading towards as we speak.

Nigeria's seeking powerful allies to assist it in political and economic affairs, this might be the big break they are looking for but I guess we'll have to wait for the meantime to see what this partnership will really bring to the country since these countries in the BRICS, while politically and martially powerful, all suffer from their own economic issues which may disallow them from making any bold moves against the US. Plus it's going to be really stupid to declare war this advanced into human development, we're going to be killing each other with atom bombs until not even a lizard could exist in the barren lands of the planet. I'm getting off a tangent here but I'm really excited for Nigeria now.

This is a very welcome development by the Nigerian government and it’ll pave way for them to diversify their economy more and also help to boost the economic recovery process of the country. Nigeria have been experiencing a lot of economic crisis recently right from when the fuel subsidy was removed, the masses are not happy with the current economic situation in the country and this was all caused by the dependency on dollar for all foreign exchange. By joining BRICS, they now have the opportunity to sell their products in Naira which will bring about more economic stability for the country. This is a good step and in the most right time it is needed for the good of the country.

So it will be BRINCS in the future? 

It should be recognized that membership in BRICS presents a opportunity for Nigeria, offering potential to its economic challenges. While the road to economic recovery may be complex, the prospect of joining BRICS represents a good way for Nigeria to diversify its trade relations and mitigate the effects of over-reliance on the US Dollar. By  becoming a member of BRICS, Nigeria could leverage the opportunity to trade its primary export, oil and conduct transactions using its local currency what could shift away from dependency on the USD.

This appears to be a very positive step by the Nigerian government. I've heard that they applied to join the BRICS before but were turned down. Following that, Nigeria's current vice president went on air to refute the claim that they had never applied for such. The country's economy is currently very poor, and joining BRICS may alleviate the economic hardship caused primarily by importing and exchanging rates in dollars. I hope this provides a long-term solution and gives people hope for a better life. Although this will not solve the entire problem, it will go a long way to reduce the current economic crisis in the country.

Naira gains might be little but it is significant to Nigerians. Nigerians were in economic shock when the Naira was almost going down the drain and people couldn't buy anything meaningful with the Naira. So Nigerians are celebrating these small gains.

The influence of BRICS on the economic recovery of some nations will not be automatic. It will be gradual and consistent if these nations cooperate. The world is dollarised so it will take some time for things to change.

Sounds like they are on the BRINCS. It's such a meaningless acronym these days, these countries are all directly competing with each other and do not have any particularly special relationship - beyond being big enough countries that could be considered "developed" these days. China and India are not exactly best friends, they have been on the brink of war over border regions that neither wants to settle on. South Africa has become increasingly irrelevant and has lost a lot of the lustre it had when this group was bundled together. Russia has also become a bit of an untrustworthy ally in recent years, thanks to their behaviour in creating war in Europe, a big trading partner to many of these.

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?
 

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.

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.

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.

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.

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.

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?


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!


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:


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!  

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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

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 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.

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.