Amid the economic alliance’s expansion plan, the BRICS bloc could be seeking to “stabilize” the global economy by ditching the US Dollar. Specifically, Nigeria, which has been outspoken about its desire to join the alliance, discussed the Western economic dominance on a global scale and how the alliance is seeking to diminish that.
Specifically, the CEO of Nigeroa’s Center for the Promotion of Privat Enterprise, Muda Yusuf, discussed the prospect of joining. Additionally, he discussed the “win-win situation” that BRICS presents. Subsequently, he explained how the global economy could benefit from the alliance’s initiatives.
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Nigeria’s Says BRICS Could be Global Economy’s Stabilizing Force
For much of 2023, the growth of the BRICS alliance was a major development. The alliance had been present for two decades but saw a massive growth period over the last year. Subsequently, it is poised to continue building on that and bringing robust changes to the world order.
As part of those changes, the BRICS alliance is seeking to “stabilize” the global economy by ditching the US Dollar. Nigeria’s Muda Yusuf discussed how the bloc is approaching the shifting economic reality of the world and, moreover, how it is working to diminish the dominance of the West.
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“WE have been talking about balancing the global world order in terms of power, in terms of the financial system,” Yusuf stated. “You have a multipolar world. Those things are also necessary for the stability of the global economy.”
Yusuf also noted BRICS membership for Nigeria would lead to “a much better balance of payment position.” Moreover, he expected more “freedom” in the economic sector through admission to BRICS. Nigeria is one of the nations expected to join the alliance in the coming years.
Additionally, Yusuf stated that BRICS membership “has a very important value in terms of geopolitical influence.” HE continued, “There a whole lot of opportunities it gives you in terms of influence among members and even globally.”