BRICS Aims to 'Stabilize' Global Economy: US Dollar Ditched for Crypto?

• BRICS Bloc Aims to Stabilise Global Economy
• Nigeria's Interest in BRICS Alliance
• Nigeria's Stance on BRICS as a Stabilizing Force
• Geopolitical Influence of BRICS Membership

BRICS Bloc Aims to Stabilise Global Economy

The expansion ambitions of the BRICS alliance could indicate an intention to stabilize the global economy by distancing itself from the US Dollar. With Nigeria expressing its interest in becoming a member, the western economic dominance worldwide is being openly questioned.

Nigeria's Interest in BRICS Alliance

Muda Yusuf, the CEO of Nigeria's Center for the Promotion of Private Enterprise, has shed light on the possibility of Nigeria's induction into the alliance, and the potential win-win situation that BRICS offers. He emphasized how the global economy could reap the benefits of the initiatives put forth by the alliance.

Nigeria's Stance on BRICS as a Stabilizing Force

The growth of the BRICS alliance has been a major development throughout 2023. Although the alliance has existed for nearly two decades, it has experienced significant expansion over the past year, with an anticipation of continuing this growth and introducing impactful changes to global order. One of these changes includes the alliance's attempt to stabilize the global economy by moving away from the US Dollar.

Muda Yusuf highlighted the alliance's strategy in dealing with the shifting economic realities of the world, and its efforts to reduce western dominance. He expressed that BRICS membership for Nigeria would improve the balance of payment position and provide more economic freedom. Nigeria is one of the countries expected to align with BRICS in the near future.

Geopolitical Influence of BRICS Membership

Yusuf stressed that BRICS membership holds significant value in terms of geopolitical influence. It presents a host of opportunities in terms of influence among member countries and on a global scale.

Edited by Jonathan Stoker