https://www.youtube.com/watch?v=8YSKgetQlwI

If Nigeria joins the BRICS nation and things will get better than the way it's now, I will be in support of it. But if joining it will bring bad economic changes that Nigerians will later regret, I think it's better we remain with OPEC Nations.

I left..!

Lumarstone:
If Nigeria joins the BRICS nation and things will get better than the way it's now, I will be in support of it. But if joining it will bring bad economic changes that Nigerians will later regret, I think it's better we remain with OPEC Nations.

I left..!

It's obvious you don't know about BRICS... They sell their crude in their own currency, whilst strengthen their currency

This would be a huge step in the right direction.
We need to emancipate the economy from Dollar

This will be the best decision by Tinubu ti get us out of the current mess, the west tried to destroy Russia's economy after provoking the war with Ukraine but that has failed as the BRICS stood behind Russia

So BRICS will automatically stop politicians in Nigeria from being Greedy as well as living a reckless, senseless and lawless lifestyle.
So BRICS will reset our brains towards greatness.
BRICS will ensure the independence of EFCC.
BRICS will reinforce the powers of an Independent INEC
Seems Nigerians are yet to identify the cause of all their problems, which makes it more herculean & farfetched.

Exousiang01:
This would be a huge step in the right direction.
We need to emancipate the economy from Dollar

Wake me up when China stops trading with the US in dollars.

Our problem is not the dollar, our problem is our balance of trade is too poor. Apart from oil, we don't sell anything to earn forex and we produce nothing for our own consumption so no matter the currency of trade, as long as our forex earnings is low and with huge trade inbalance, that currency will appreciate drastically against ours and the problem will continue. It is simply demand and supply.

Remember the currency swap deal with China where people taught it was a game changer under Buhari in his first term, what happened?

What we need is a complete revamp of the country and the economy to become a productive nation and improve our balance of trade, every other thing else is just chasing shadows. BRICS hasn't saved South Africa's economy from distress despite being in a better shape years ago, how would it save Nigerias economy that is even in a worse shape than SA?

But like everything Nigeria, we are more interested in virtue signaling instead of tackling issues from the root cause.

APOPTOSIS:
So BRICS will automatically stop politicians in Nigeria from being Greedy as well as living a reckless, senseless and lawless lifestyle.
So BRICS will reset our brains towards greatness.
BRICS will ensure the independence of EFCC.
BRICS will reinforce the powers of an Independent INEC
Seems Nigerians are yet to identify the cause of all their problems, which makes it more herculean & farfetched.

You just itemized our problems. But Nigerians don’t seem to know because the political elites point them in the wrong direction and the seem follow.

Rexymania:


It's obvious you don't know about BRICS... They sell their crude in their own currency, whilst strengthen their currency

Sell crude in their own currency to who? If Nigeria joins BRICS, who would they sell our oil to in Naira? Russia has a lot of Indian rupees as a result of trading in their local currencies that it can't spend today cos of the trade imbalance between the 2 countries.

If Nigeria and India trade oil in their currency where will you spend the rupee?

BRICS doesn't have a currency and won't have one because many of the players like India and Brazil don't want to move from an American hegemony to a Chinese hegemony.

Joining Brics is not bad if it is for the sake of belonging somewhere but to think it will make any impact economically will be naive.

Rexymania:
It's obvious you don't know about BRICS... They sell their crude in their own currency, whilst strengthen their currency

You also dont know about BRICS. It has nothing to do with Crude Oil Sales.
BRICS is an intergovernmental organization that includes Brazil, Russia, India, China, and South Africa. The group was established in 2006 by Brazil, Russia, India, and China to challenge the economic and political power of the wealthier nations in North America and Western Europe. In 2010, South Africa joined the group, making it BRICS.
BRICS is considered the Global South's answer to the Group of Seven (G7) major developed economies. The group's expansion would add economic heft and amplify its ambition to become a champion of the Global South.

fkj950ax:


You also dont know about BRICS. It has nothing to do with Crude Oil Sales.
BRICS is an intergovernmental organization that includes Brazil, Russia, India, China, and South Africa. The group was established in 2006 by Brazil, Russia, India, and China to challenge the economic and political power of the wealthier nations in North America and Western Europe. In 2010, South Africa joined the group, making it BRICS.
BRICS is considered the Global South's answer to the Group of Seven (G7) major developed economies. The group's expansion would add economic heft and amplify its ambition to become a champion of the Global South.

Yet...
To trade with their local currencies is the watch word of BRICS.
Which power is BRICS challenging if not the power of dollars.

Nigeria going BRICS' will bring no economic growth or development because she will still be import dependant.

The naira will still have less value with the BRICS' currency

Secondly, which European or Asian country that can replace America and Britain in doing business with Nigeria

Lumarstone:
If Nigeria joins the BRICS nation and things will get better than the way it's now, I will be in support of it. But if joining it will bring bad economic changes that Nigerians will later regret, I think it's better we remain with OPEC Nations.

I left..!

The only joining BRICS will help Nigeria is if our oil is sold in Naira. Otherwise, it would just be a case of changing masters. We'd end helping other countries better position thier currencies against the US dollar while ours keep deeping.

Rexymania:


It's obvious you don't know about BRICS... They sell their crude in their own currency, whilst strengthen their currency

Sir,
Selling your crude in your currency is not the problem.
But how does that strengthen the currency? Can you explain that? Or am I missing something here?
The last time I checked, Nigeria is an import dependent economy? What BRIC Nation will accept Nigerian naira when Nigeria is importing stuff?
Most of the weapons used in Nigeria for security and defense purposes are sourced from the US. Will America also accept naira as the trade currency when selling their weapons?You sell your oil in naira, and use the proceeds to import goods from the west in usd/ pounds/euro. What business sense does that make??
I may not have all the details, but I know one thing for sure: No BRIC nation is currently comfortable aligning with China who happens to be the biggest economy in the so called BRIC committee of nations. Everyone feels that they’ve been given the shorter end of the stick, since China’s objective isn’t even about trade, but political and military supremacy.
Nigeria might actually do well to reconsider its stance before joining BRIC.In my opinion, it portends economic woes in the coming years.
I will explain more when you offer your views.
Thanks.

Lumarstone:
If Nigeria joins the BRICS nation and things will get better than the way it's now, I will be in support of it. But if joining it will bring bad economic changes that Nigerians will later regret, I think it's better we remain with OPEC Nations.

I left..!

You have to understand something before talking about it...what can be worse than what we have now...a simple research on Google will enlighten you.

Kenn55:


Wake me up when China stops trading with the US in dollars.

Our problem is not the dollar, our problem is our balance of trade is too poor. Apart from oil, we don't sell anything to earn forex and we produce nothing for our own consumption so no matter the currency of trade, as long as our forex earnings is low and with huge trade inbalance, that currency will appreciate drastically against ours and the problem will continue. It is simply demand and supply.

Remember the currency swap deal with China where people taught it was a game changer under Buhari in his first term, what happened?

What we need is a complete revamp of the country and the economy to become a productive nation and improve our balance of trade, every other thing else is just chasing shadows. BRICS hasn't saved South Africa's economy from distress despite being in a better shape years ago, how would it save Nigerias economy that is even in a worse shape than SA?

But like everything Nigeria, we are more interested in virtue signaling instead of tackling issues from the root cause.

please tell me what can you export that will pay you better than oil and gas? Please tell me food? lol. My dear if not for corruption ehhh Nigeria would have been in g7 since. In 5 years we spent 100 billion dollars on foreign education. Please never you underrate oil money. Corruption and bad leaders is the problem.

jesmond3945:
please tell me what can you export that will pay you better than oil and gas? Please tell me food? lol. My dear if not for corruption ehhh Nigeria would have been in g7 since. In 5 years we spent 100 billion dollars on foreign education. Please never you underrate oil money. Corruption and bad leaders is the problem.

My brother oil money is not enough for our population. Even at that, BRICS is not going to stop corruption and bad leadership which is our main problem. This is why I'm saying we are just chasing shadows.

A step in the right direction

Rexymania:


It's obvious you don't know about BRICS... They sell their crude in their own currency, whilst strengthen their currency

All your life you have been fulled that Nigeria problems is majorly on crude currency. Now that the so called Dangote is working according to how Nigerians were fulled and now we just hard that Nigeria refinery will be fully set by the end of the year, does that give you any inkling of hope?
The chief Bricks nation is Russia which is one of the worst performing currencies in Europe. How about china too. Let’s forget about day dreaming and eradicate systemic corruption which is our major problem.

one borehole cost 193 million naira in the 2024 budget, will joining brics bring it down? They are treating us like we have no choice.

The only senator that was against the budget was suspended and no body is talking about it, but when mobad died almost all the youths were on the street from various part of the country, will joining brics change that too?