Topic: Will The Launch of Brics Help Solve Economic Crisis In Africa? (Read 98 times)

Op you have to understand that this is not the first time Nations had planned to to launched their own currency in the world to overthrow dollar but all their efforts were truncated. West Africa has been trying to create her own currency but now avail. African Union has been trying her best to create a common currency for the whole Africa from the onset for the independents but no avail. And let me just break it down why it is not possible for all those Countries that were trying to devalue the dollar and increase their national currency much more higher than the dollar itself but no way was because British was the world power after the first world war and when the second world war broke out. Germany and Japan were overpowering British very well so they had an agreement with American Government to use their currency (dollar) as the international currency if USA support them (British) to fight the war and won it.

And USA government agreed and supported them to fight and won the war. So the two monetary institutions were created to control the agreement which are WORLD BANK AND INTERNATIONAL MONETARY FUNDS (IMF). And those two institutions nai dey control Money matter in di world so those institutions nai go approve your currency to be use in di world and dey will never allow any current to pass. Pound wey pass dollar e no dey common like dollar and dat one too na part of di agreement. So dis brics e no go go anywhere.

Na because dat when bitcoin came and pass dollar by far dem try to stop it but no way and Satoshi Nakamoto knew this history and nai make him make di coin as decentralized digital currency. Brics no go no anywhere. You go confirm di ododo. No centralized Currency go pass dollar in do international market unless you keep as decentralized digital currency.

The BRICS currency is a good initiative that has so far been a competition against the USD in foreign exchange market, hence why it would be of better consequences to accept it as a currency of choice in this country.
Creating a new world order with the BRICS currency initiative is to reduce the strong influence that the U.S dollar has had and we know how much currently one dollar is to a Naira.

Let's hope the BRICS currency works as planned even with the expected launch of the currency in view, because there has been rumors of tensions brewing between two of its biggest members and that's India and China.
I thinks BRICS will profer a solution that has long been overdue and that's economic development and improvement.

It's all in the struggle for world power between the BRICS and the West all lobbying for allies to enlarge their camp.

The natural aspect about development is that it doesn't come from outside but rather starts through an internal drive. If a country's domestic economic policies are making developmental waves through programmes and measures that propagates  massive domestic productions in the different sectors of the economy thereby saturating the domestic market (with these goods and services domestically produce) turning the economy from a consumption type to a producing economy.

With such it would increase exportation leading to a decrease of importation since most of the goods/services that were imported before are now being produced within the country. All of this will lead to a less dependant on other countries or foreign organization membership and in turn boost the country's currency value, increase in jobs creation, foreign investment,  for this is how development is achieved and not by just belonging to partnership of wether the West or BRICS. The internal factors of development has to be addressed before all else, everything been equal.

One of the major problem in our country today, which have made our politicians to do things with reckless impunity believing that nobody can stop them,  and even the judiciary, is that our judiciary system is not independent as claim, because since they don't have that financial autonomy, they would want to please their pay masters and those in power for their financial gain, so for this country to progress further, their are so many work that needs to be done, not just in our economy, but also in our system of government.

Left for me, if our government were running the country properly and investing on enhancing different sectors that would boost the countries economy like, education and industrial sectors then there won't be much economic crisis, a country where the politicians are the richest people won't go forward, a country where the politicians don't abide to laws of the country, won't go forward also a country where the judiciary is corrupt won't go forward, there are also several factors hindering our economic growth.
 Therefore adopting Brics won't change anything if those issues i stated are not tackled even though Brics succeed to take away economic power from the US which is not going to be easy, the Nigerian economy would even get worst if our government doesn’t handle the country properly, i bet our politicians would use the Nuclear power for their selfish interest if President Cyril Ramaphosa keeps to the Brics promise.

How can you be so sure? Just like I said, inflation has it own advantages.

Nigeria and some other countries are planning to join BRICS and slightly want to shift away from the West. What I think more about is the there could be something called hidden agenda and trying to take away economy power from the US. Even if we join BRICS and continue to depend on other countries in technology, we will still lag behind. Countries like South Korea, Japan and some others are not joining BRICS but have stable economy because almost all what they are using are produced within themselves and also exporting.

Actually this Brics currency idea will definitely put a stop to the dominance of dollar in world financial market of a truth, but in Africa if I really want to be sincere here, our economy is not doing well is not as a result of our currency, it is as a result of we not emphasizing on domestic production over importations, if we can be productive enough in most things we utilize and be able to do some exportation also, I believe that our economy will definitely resurrect in due time, and things will start getting better again.

So what am trying to say is that, even though we adopted the Brics currency and we are still not doing anything different from what we are doing now, the Brics currency might be beneficial to other Brics nations but it won't be beneficial as intended to us, so I suggest we solve the root cause of our economic decline than to be chasing currency that wouldn't have much effect on our economy if we don't prioritize domestic production.

Where is the link to the news.

Because the price of a fiat is higher does not mean it is more valuable than US dollars. Marketcap of a fiat and trading volume is used to know how valuable a fiat is.

US dollar will still be a global reserve currency. No one knows if the BRICS currency will significantly have negative effect on US dollar or later its disadvantages may start surfacing. As inflation has disadvantages also it has advantages.

The problem we have in Nigeria and Africa generally is because will lag behind in technology and our leaders are in a deep sleep. BRICS currency can not solve that.

 On the 1st of April a new design of the Brics currency is set to launch and be circulated in the world market this currency called Brics was birthed in collaboration with 5 countries across the globe, which are Brazil, Russia, India,  China, and South Africa, each countries represents the major continents in the globe and from my research the Brics currency is backed by pure Gold and would be the official currency of those 5 nations. Therefore it means that to trade with those countries you would need the Brics currency.
 Also 1 Brics currency is said to be equivalent to $55 and about £50 which makes the currency to be more valuable than the dollar and pounds and countries would no longer need the US dollar but the Brics to trade with nations where it's officially adopted as their currency. If things go as planned that could make the US dollar depreciate while the brics serve as a reserve currency.
 Also it is said that the south African President Cyril Ramaphosa has urged other African countries to adopt the brics currency since it has a potential of reducing inflation and economic crisis in Africa. And according to him every African countries that form alliance in using the Brics currency would have a nuclear power plant built in their country. Well if the Brics currency is more valuable than the USD as claimed do you think it would stop the economic crisis in Nigeria or Africa,what's your say on that?