Nigeria considering possibility of joining BRICS
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Nigerian Ambassador to Russia Abdullahi Shehu said it is "quite realistic" that Nigeria could become a member of the BRICS group.
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Nigeria considers the possibility of joining BRICS
Nigerian Ambassador to Russia Abdullahi Shehu told sources that Nigeria is not opposed to joining BRICS - if the possibility is presented to it.
Nigeria has had a long history of trade relations with the group's members. It has also experienced one of the fastest-growing economies on the African continent.
"Yes, it is quite realistic and will depend on the membership criteria. Nigeria is not against becoming a member of the BRICS in order to ensure its economic interests in cooperation with other partners in the world," -Abdullahi Shehu
Although talks have not been initiated yet, it is "quite realistic" that accession talks are to happen in the future.
BRICS expansion
Last June, Chinese President Xi Jinping issued important remarks during the 14th annual BRICS meeting. Addressing group members during the meeting, he emphasized the necessity to "expand BRICS cooperation on cross-border payment and credit rating to facilitate trade, investment, and financing among our countries" but also to secure world peace and tranquility from "the dark clouds of Cold War mentality and power politics".
It is no surprise that BRICS is changing from an association of five major economies for financial and infrastructural development to creating a security alliance that aims to counter the ever-growing influence of NATO.
The war in Ukraine has undoubtedly projected the most concrete representation of the 'cold-war' conflict mentioned by President Xi Jinping. Thus, BRICS is seeking multilateral cooperation in light of NATO's aggressive expansionism.
Read more: Argentina receives China's blessing to join BRICS
New memberships pending
Last month, Iran and Argentina applied to join the BRICS association. Their accession is yet to be approved by the grouping, although the prospects for their inclusion so far seem to be positive.
Saudi Arabia, Turkey, and Egypt have also applied for membership. None of these nations restrained their purchasing of oil from Russia despite pressures from the EU and the US to restrict Russia with their imposed sanctions. It was further reported on Sunday that Saudi Arabia doubled its imports of Russian oil in the second quarter, which highlights the challenges US President Joe Biden is facing as his administration seeks to isolate Russia and reduce its energy export revenues, not to mention courting MBS to increase Saudi oil output.
Read more: Saudi oil import from Russia doubles in second quarter
The strategy of including new members into the grouping could increase Russian oil exports to alleviate sanctions imposed on Russia. President Vladimir Putin also suggested that member nations work on a new reserve currency to effect oil purchases from OPEC nations as an alternative to using the petrodollar.
