Nigeria Urges BRICS to Boost Intra-Bloc Trade and Ditch the Dollar
A Nigerian parliamentary representative at the BRICS Business Forum emphasized the need to reform financial mechanisms among member states, advocating for increased trade in national currencies, enhanced economic cooperation, and joint investments in critical sectors. The remarks were reported by webangah News Agency.
Wale Oke, Chairman of Nigeria’s House of Representatives Committee on Foreign Affairs, stressed the importance of deepening economic collaboration among BRICS nations during the forum held in Brazil. He described such cooperation as vital for sustaining economic stability in developing countries.
“Strengthening intra-group trade is no longer optional-it is indeed an unavoidable necessity,” oke stated. “We must intensify trade and investment with one another while building a commercial ecosystem that prioritizes our people.”
The lawmaker also highlighted the need for digital innovation, strategic resource utilization, and local currency transactions. He proposed establishing a mechanism to settle financial accounts using national currencies.
Oke urged joint investments in agriculture, clean energy, industrial production, and pharmaceuticals: “the New Growth Bank of BRICS should expand beyond its role as a lending institution by offering financial guarantees and affordable financing to support intra-group trade.”
The Nigerian official further called on BRICS members to develop shared frameworks for digital transformation initiatives-including cybersecurity protocols, e-commerce standards, and AI governance-to advance green development goals.
“BRICS is not an exclusive club,” he concluded. “Let us collaborate with groups like the African Union (AU), ASEAN (Association of Southeast Asian Nations), and MERCOSUR (Southern Common Market) to create a new global trading order that is equitable and inclusive.”
