Nigeria calls on BRICS countries to switch to trading in national currencies and strengthen cooperation within group
In addition to trade, Chairman of the Nigeria's House Committee on Foreign Affairs advocated joint investment in key sectors such as agriculture and clean energy
At the BRICS trade forum held in Brazil, Chairman of the Nigeria's House Committee on Foreign Affairs, Wole Oke, stressed that deepening cooperation between BRICS countries is crucial for economic stability, especially for developing countries, reports PUNCH Newspaper.
“Strengthening BRICS trade is no longer optional, it is a necessity. We must trade more with each other, invest in one another, and build a trade ecosystem that puts our people first,” he said
He stressed the importance of digital innovation, the use of strategic resources and local currency settlements to create what he called "sustainable trade corridors." Oke proposed the creation of a local currency settlement mechanism.
In addition to trade, he advocated joint investment in key sectors such as agriculture, clean energy, manufacturing, and pharmaceuticals.
He also called on the New Development Bank to expand its role beyond lending, suggesting that it support trade within BRICS through financial guarantees and affordable financing mechanisms.
He advocated for a unified digital and green transformation across the group, proposing a common framework for cybersecurity, e-commerce, and artificial intelligence.
“BRICS is not a closed club. Let’s work with the African Union, ASEAN, and MERCOSUR to shape a new global trade order that is fair and inclusive,” he stated.
Photo: iStock-
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Dilma RousseffPresident of the New Development Bank"India’s BRICS Presidency this year gives special significance to our discussion. NDB stands ready to be a trusted partner in turning commitments on sustainability, clean energy, smart and resilient infrastructure into concrete results on the ground. […] For NDB, mobilising private capital is a strategic imperative. Created by the BRICS founding members, NDB is a bank of the Global South, for the Global South, mandated to mobilise resources for infrastructure and sustainable development" -
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