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Joining BRICS to hedge Nigeria against risks, ensure stable development — newspaper

"As the giant of Africa, Nigeria’s membership in the BRICS is long overdue," the newspaper said

HARARE, April 5. /TASS/. Acceding to BRICS will be a good strategy for Nigeria in order to minimize risks and ensure sustainable development in an increasingly polarized world, according to the Nation newspaper.

According to the news outlet, the dollar will remain the dominating currency in global trade but current socio-economic and political realities clearly call for countries concerned about their future to diversify their investment and trade options. BRICS is a platform for such a move and the earlier Nigeria joins it, the better it is for its battered economy, the article said.

"BRICS is an opportunity for Nigeria to be emancipated from the shackles of US Dollars, and will certainly free and hedge Nigeria’s economy from the straight jacket situation with the US Dollars in terms of trade, investment, and international relations. As the giant of Africa, Nigeria’s membership in the BRICS is long overdue," the newspaper said. It noted that BRICS aims for "strategic partnership and cooperation on investment opportunities, coordinating multilateral policies guided by the principles of non-interference, equality, and mutual benefit." According to the article, BRICS should become one of the pillars of Nigeria’s international relations and economic diversification strategy, it is a platform to bring in foreign direct investment.

In March, Nigerian Foreign Minister Yusuf Tuggar said that the country was considering joining BRICS and confirmed the resolve to bolster diplomatic and economic relations with Russia.

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