BRICS intends to establish new international trade balance
Date
1/11/2024 4:18:43 AM
(MENAFN) In a recent exclusive interview with RT, Muda Yusuf, the CEO of the Nigerian Center for the Promotion of Private Enterprise, expressed his belief that Nigeria's potential membership in BRICS (Brazil, Russia, India, China, and South Africa) could usher in a new era of economic prosperity and geopolitical influence. Yusuf emphasized that joining BRICS would be a "win-win situation," citing numerous sectors, including oil and gas, technology, agriculture, solid minerals, and infrastructure, that stand to benefit significantly.
According to Yusuf, BRICS membership could lead to a substantial improvement in Nigeria's balance of payments, providing the nation with more liberal terms and greater freedom in decision-making. He underscored the potential reduction of Western dominance, noting that participation in the economic bloc could open doors to diverse opportunities and foster a more balanced global economic landscape.
Beyond economic advantages, Yusuf highlighted the geopolitical significance of BRICS membership, asserting that it could enhance Nigeria's influence both within the bloc and globally. He argued that being part of such a powerful economic alliance would contribute to the ongoing efforts to balance the global world order in terms of power and the financial system, promoting a multipolar world for the stability of the global economy.
Moreover, Yusuf pointed out the importance of the existing bilateral relationships among BRICS members, emphasizing the collective interests that the economic bloc works to protect. He suggested that the camaraderie among BRICS nations could serve as a strategic advantage for Nigeria, fostering collaborative efforts that extend beyond economic cooperation.
As the conversation around the potential expansion of BRICS gains momentum, Muda Yusuf's insights shed light on the transformative possibilities that a BRICS membership could offer to Nigeria. Whether it's the economic advantages in key sectors or the geopolitical influence that comes with being part of a formidable alliance, Yusuf envisions a promising future for Nigeria on the global stage.
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