Nigeria Aims to Join BRICS: A Two-Year Crypto Plan

• Nigeria's BRICS Bloc Bid and Its Implication for Global Economy
• Emerging Interest in BRICS from Developing Nations
• Impact on US Sectors if BRICS Abandons the Dollar
• Nigeria's Two-Year Plan to Join the BRICS Alliance
• Nigeria's Assertive Foreign Policy Drive
• Nigeria's Potential BRICS Membership and Its Role in De-Dollarization

Nigeria's BRICS Bloc Bid and Its Implication for Global Economy

Nigeria, a key nation in West Africa, made formal moves towards becoming a member of the BRICS alliance. This move was made public before the 15th summit due to take place in August 2023. Despite Nigeria's application, the alliance opted to invite six other nations including Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia. Interestingly, Argentina could potentially be the only country to decline the BRICS invitation next month, choosing not to integrate with the group.

Emerging Interest in BRICS from Developing Nations

A wave of interest from developing nations is brewing as they show a keen desire to become part of the BRICS alliance. This grouping presents various alternative economic opportunities, particularly for trade and finance. The alliance is persuading these developing nations to abandon the US dollar and adopt local currencies in a bid to bolster their domestic economies. Such a move is viewed as a break from the financial dominance exerted by the US.

Impact on US Sectors if BRICS Abandons the Dollar

As the BRICS alliance persuades its members to veer away from the dollar, it is interesting to explore how this could affect several sectors within the US.

Nigeria's Two-Year Plan to Join the BRICS Alliance

Nigeria has its sights firmly set on securing membership to the BRICS bloc and influencing its decision-making processes within the next two years. This ambitious timeline marks the African country's intention to join the alliance before 2025. Yusuf Tuggar, Nigeria's Minister of Foreign Affairs, reinforced the country's foreign policy direction towards having a greater voice in crucial financial decisions made by global organizations.

Nigeria's Assertive Foreign Policy Drive

Nigeria appears to be asserting its influence and signaling its readiness to decide its strategic partners. Minister Tuggar expressed the sentiment that Nigeria's multi-alignment aligns with the country's best interests, with the BRICS and G-20 alliances being key platforms for the country's representation.

Nigeria's Potential BRICS Membership and Its Role in De-Dollarization

Based on these developments, it is highly likely that Nigeria could secure its place in the BRICS alliance in the not-so-distant future. The country's commitment to its mission is quite evident, and its entry into the alliance could play a significant role in the de-dollarization efforts initiated by the BRICS bloc.

Edited by Jonathan Stoker