By Lateef Adegbite
Ahead of the November 1, 2024, North American country of the United States, US, Presidential election, Nigeria, has formally joined the Asian countries of China, India, South Korea, and South Africa, Russia, including six other countries, spread across Asia, Europe, Africa, North and South America, to dethrone the all -powerful US dollars used for international transactions and payments.
The BRICS, countries as they are called believes that that it is because the US dollars is used as the world reserve currency that the economy appears to been stronger than other economies. There is no gain sayig the fact that about 90% of all foreign exchange transactions in the world at present are conducted with the US dollar.
Financial experts averred that Nigeria had joined the BRICS economic bloc because of the improved inflows foreign echange from the BRICS nations , particular, the Asian countries, India of China and South Korea, , which was said to have risen by about 89% I the first half of the 2924 fiscal year, hitting the US $1.27 billion target , compared to the us $48.2 million during the same period in 2023.
Yusuf Tugar, Nigeria minister of Foreign Affairs may have given a hint of the country, under the current Leadership of Bola Ahmed Tinubu, to become a member of the BRICS economic bloc between November 02 and November 2025. The minister, may have spoken the mind of the Nigerian President when he disclosed that the decision was part of the new government foreign policy move to assert Nigeria’s voice in powerful political and economic Organisations on the world scene.
Given that Nigeria had met the qualifications to start as a partner in the BRICS economic bloc, it was a matter of time to apply. On Thursday, October 24, 2024, Nigeria may have taken advantage of the expansion of the BRICS alliance in the international scene by adding 13 new nations as partner countries to apply. This may have informed why it was admitted as a partner country.
Nigeria was said to have joined as a partner nation in the BRICS economic bloc but not as a full member alongside Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan and Vietnam. That ‘’Nigeria is a ppartner BRICS’’.Ambasadir Etche Abu-Obe, ministry of Foreign Affairs spokesperson, may have made assurance doubly sure when he categorically declared
Recall that in January 2024, the Middle East country of Iran Iran, Egypt andhiopia, both African countries, including the United Arab Emirates, were admitted as full members of the BRICS economic bloc. By Russia, Brazil, India, China
The Brics club was said to have been formed in 2009 while South Africa became a full member in 2010. Nigeria may have joined the BRICS club to benefit from the Organisation’s core mission which is to foster trade, investment, development, security and Cooperation among the member countries.
Although Nigeria had just joined BRICS as a partner country, there are indications that one of the primary advatages that would come to the country as Partner OF BRICS economic bloc would be the ‘’diversification of trade markets’’, expected to reduce the nation’s economic vulnerability and enhance resilience to global economic shocks.
Many believes that countries are show interest on the BRICS economic bloc bloc, due to the collective benefits for the lucrative journey including financial development as well as increased trade and investment.
Give or take, Financial Analysts believes that BRICS , which is a very important Organisation will go a long way to help the Nigerian economy because the most popupulous west African country have all that it takes to be a great economic power. This is because the country have the raw materials including gold, iron ore, clay, zinc, coal, lead, tin ore, marble, silica manganese, granite and kaolin. This is in addition to oil and gas, which is the main source of Nigeria’s foreign exchange earnings.
Some of these raw material which are mostly found in the north western state of Zamfara, described as home of the Bandits Group are yet to be fully tapped in Commercial quantities. Sububu,
The Leadership of the Nigerian Customs Service, under the close watch of Bashir Adewale Adeniyi, MFR, may have taken advantage of Nigeria’s partnership with the BRICS economic bloc, to collaborate with the Nigeian Institute of International Affairs, NIIA, towards enhancing the country’s tade and investment landscape with Lunch of ‘’Adeniyi Centre of International Trade and Investment’’.
Adullahi Aliyu Maiwada, a Chief Superintendent Customs’ spokesperson, had said that centre was named after the Customs Comptroller General, Adeniyi, because of its potentials. The CGC, who could not hide his feeling had said that the establishment of the centre at the NIIA, itself in the global trade environment,had come at a time Nigeria is repositioning , noting that that ‘’the centre will evolve into a comprehensive national think tank focused on international trade and investment’’.
Eghos Osaghae, Director General, NIIA, may have used the opportunity provided by who is who in Nigeria who had come to grace the occasion to declare that ‘’’’the centre will serve as a finishing school for senior Customs officers’’, offering senior executive courses that will be certificated.
The NIIA, Director General, was aid to have given his words that that it will serve as a global affair, properly immersing the NCS, in the framework of the World Customs Organisation, WCO.
The establishment of the Adeniyi centre, according to CSC Maiwada, was said to have featured a panel discussion with some prominent Nigerians , including Dnald Duke, a former governor of Cross river state, Chinyere Almona, , who had examined the challenges and solutions for Nigeria’s economy regarding trade and inetment.
In a related development, Joe Biden, US, President, who is working round the clock to ensure that he installs t t, VP. Kamala Harris, as the next President may have known that the black population would play a significant role in determining who takes over from him that had called on his Nigerian Counterpart, President Tinubu, ”to thank him for the release of Tigran Gambaryan”, an executive of Binance Holdings for alleged money blundary and currency speculations believed to be weaking the naira i both the official and parallel, popular Black market foreign exchange rates.
He was said to have further thanked the Nigerian President for the partnership between his home country,Nigeria and the US, with regards to the Law enforcement agencies .
