Inosky:
They are following Peter Obi's leadership ideology. I remember he said this during his campaign that he will be selling Nigeria oil in Naira. Obi is a great leader, now they are stealing his ideas from the backdoor. I hope they implement it well because most of his ideas they stole they forget to do the homework first before swift implementation.

Nonsense and rubbish

CyberWolf:
How will the country earn forex again? Because we are an import dependent country. How do this idiots we call leaders think? You don’t have common electricity and you want to flex with countries that has got their shits together? Try and fix the right things in place and every other thing will fall in place.

stop going around calling people idiots .
First what is forex? Naira too is forex somewhere.
Try to understand before sounding off
Ask questions research and understand.


It is. NNPC and oil companies that sell oil in practice not the country.
Just like any other exporter they are legal persons separate from government

If this plan is put in place Those who wish to buy oil from NNPC will need a Nigerian bank to close the deal
They buy Naira from the banks or CBN and do their business with NNPC in Naira
At the moment NNPC opens accounts abroad in foreign banks receive dollars and declare whatever returns they like
With this new arrangements everything happens inside Nigeria. The forex will flow but not to NNPC. It will flow to the CBN
NNPC will only real in Naira. Our banks will grow bigger as a consequence as will our insurers and law firms.

I don't know who will come after to attack me but the decision to join BRICS is not the solution to our Nation problem

OChimex:


If you seel your oil in Naira, they give you Naira, then how una go get dollar wey una go dey use import?

Crude oil is the major source of dollars to nigeria

They will be buying naira with dollar and other good currencis, they will give millions of dollars to our banks in exchange for naira and we will have dollar abundantly in Nigeria while naira will appreciate in value because they will be looking for it to buy in order to be able to pay for our oil and other products.

,

you underestimate Nigeria, if only you know what Nigeria can offer you wont be saying this, although our leaders are to be blamed aligning with the wrong people who will never allow us grow.

Dogalmighty17:
If joining BRICS is because Nigeria wants to sell crude in naira, then they got another thing coming. Russia has that market captured. They are the largest supplier to China and India. That's how they've managed to have a stronger economy inspite of western imposed sanctions. I can't imagine they'll let Nigeria cut into their market share.

lastkingsman:


Let's stop this blame game. It's the same bretton wood system that made Chile, South Korea, Japan, Malaysia and so on great.

The problem I have with us Africa is that we are took point fingers at others while three are pointing back to us. These world is a competition and every country will put there interests first

I recently watched a documentary "the British second empire" and it's estimated that 900bn USD have left sub-sharan via corruption and ended up in financial safe haven. Nigeria figure is estimated to be more than 500bn USD. Is it the bretton wood institution that forced our leaders to steal funds meant for development and stash it in financial safe havens?

Just recently Buhari printed (money supply) 50bn USD and spent the money without budgetary approval. Where on earth does that happen? This money alone could have fixed our dilapidated power system. Up till this moment nobody knows what the money was spent on, how it was spent and the why Senate approved this economic sabotage.

Tinubu has continued from where he stopped. Increasing money supply again like an idiot but bretton wood system is the problem. Lmao.

Since 1960, we don't have a functional refinery. Tell me any opec country that doesn't have a functional refinery.

Nigeria's problem is not caused by bretton wood system. It's a structural and operational problem. Structural in the sense that 36 states and capital federation system we are running is too expensive and inefficient coupled with a useless constitution that's a fraud. Operational in the sense that only 15% of budget is utilized, the remaining 85% are diverted through inflation of public procurement contracts and works

You are misinterpreting what I wrote. Pointing out a simple fact is not blaming. Facts and blaming are not the same.

You mentioned why countries like Japan, South Korea, and Malaysia are wealthy. I answered similar answers concerning that a few days ago, please read the link below.

https://www.nairaland.com/7998943/advice-me-2-million-travelling/3#128637030

If I am a corrupt politician who steals billions and deposits them in a Swiss bank, then it's logical for EFCC to also point to the simple fact that the Swiss bank is an accomplice. Ignoring the role the bank played is just foolish honestly.

So calling out Bretton Woods has nothing to do with refusing to blame our leaders, but Bretton Woods aint innocent either. Please explain to me why every currency on earth is depreciating against the dollar, meanwhile, the US is over 30 Trillion in debt.

Explain to me why just one country on earth (The US) has the power to just make a country poor overnight through sanctions and blocking of Swift. Is that fair? So how will pointing out this global injustice and imperialism be met with harsh criticism from yoi?

I am not sure if this is the first time you come across my post. But I am not someone who runs away from responsibilities or expects others to. I will face it, overcome it, and be free. That's my style.

But facing the problem also means pointing out the problem. So you can blame African leaders for eternity, I am with you on that. But the West aint innocent either.

Islie:


https://saharareporters.com/2024/03/08/nigeria-set-join-russia-china-brics-may-start-trading-crude-oil-naira

That will be great

have you wondered why the insecurity, the more we align with nations who prefer we export our raw materials to them for processing, and then sell back to us at higher prices, nations who don't want us to grow what we eat, make it difficult to harness the rich natural resources abundant here within using insecurity as a tool all with the help of our unfortunate leaders, growth is far from us.

SpiritedCheer:
Stop chasing shadows.
The strength of your currency depends on the range, diversity and quality of your export? Nigeria has one main product on the spot market. Nigeria needs to diversify her economy. To do so, the economy has to be restructured. But they will not do the necessary restructuring. So, lack of economic opportunities will increase insecurity which will destroy Nigeria. We are fast becoming lawless Haiti.

abobote:

Russia produce most of the things they use and they are major exporter in international markets.
Nigeria on the other hand are import dependent and export only crude. If they sell in naira, how will they get foreign currency to import their needs?

Please tell me what we were exporting in the 60s, 70s, and 80's that made our naira then to be stronger than the dollar before structural adjustment came and scuppered everything
The thing is our governments over the years have not been telling us the truth about our exports. Does it mean Nigeria gets nothing from it's solid minerals exports?
As for where the forex will be coming from those crude oil buyers are going to be buying our naira with their dollars helping the naira to appreciate because enough dollars will now be chasing our naira making it to appreciate in value instead of too much naira chasing the dollar like we have presently that made the naira to plummet.
A few weeks ago The Afghani the currency of Afghanistan which is the poorest country in the world performed creditably well against the dollar and all other currencies of major world powers. What do they export? Opium? The government simply made it a crime for anyone to spend any other currency other than the Afghani and they sold most of their exports using the same Afghani. International buyers were made to change their currencies to the Afghani before you can make any transactions just like the Russians did. It takes a strong will to do to these things but our government is still too tied to the west and all their agents like the IMf and world bank.

Helinus:
We import most of the things we use.

If we start selling oil in naira, can we buy from China and Europe with Naira?

It will bring more hardship.

Why don't we wait till we start producing most of the things we use in Nigeria?

Nigeria is like a child that his father is a Village palm wine tapper, managed to send him to a university, and the child is trying to chill with the big boys, it will end in tears.

Do you know many raw resources China is buying from us?

Helinus:
We import most of the things we use.

If we start selling oil in naira, can we buy from China and Europe with Naira?

It will bring more hardship.

Why don't we wait till we start producing most of the things we use in Nigeria?

Nigeria is like a child that his father is a Village palm wine tapper, managed to send him to a university, and the child is trying to chill with the big boys, it will end in tears.

Do you know many raw resources China is buying from us? Once we join BRICS the countries in the group will start importing more from us to boost our economy. Go and asl Greece.

Okay o.
The best we hear here is 'we will, we shall, we are going to'

Nonsense

Hia hia. Any day Great Britain hands off Nigeria, Nigeria will split into its natural nations.
In Nigeria, to become president and control proceeds from crude oil in the Niger delta region is all about the politics of apex leadership of Nigeria. The masses have been pulled to enter STARVATION MODE.

Yea that's a good idea, tinubu wants to get this country off of the hands of the british idiots

Arobaga:



Partisan aside



Talk truth is Tinubu not useless?

If he is useless then u have no life at all

Helinus:
We import most of the things we use.

If we start selling oil in naira, can we buy from China and Europe with Naira?

It will bring more hardship.

Why don't we wait till we start producing most of the things we use in Nigeria?

Nigeria is like a child that his father is a Village palm wine tapper, managed to send him to a university, and the child is trying to chill with the big boys, it will end in tears.

Just one blink from the plantation owner of Nigeria, all these plans of Nigeria joining BRICK wall scatter. Who expects GB to look away?

Brazil and S. Africa have economies diversified. Nigeria is a mono product - crude oil- economy.

Ola9ja23:
Nigeria shall be great again

BRICS is enemy of the west. Tinubu will not continue with power. Mark it somewhere.

SpiritedCheer:
Stop chasing shadows.
The strength of your currency depends on the range, diversity and quality of your export? Nigeria has one main product on the spot market. Nigeria needs to diversify her economy. To do so, the economy has to be restructured. But they will not do the necessary restructuring. So, lack of economic opportunities will increase insecurity which will destroy Nigeria. We are fast becoming lawless Haiti.

Nigeria trades with China in dollars what has that got to do with US export quality and diversity?nothing
It is a geopolitical factor

What is " Strength" of a currency and how is this measured?
Is it by exchange rate? If not then how?
Range,diversity and quality of export? No That is wrong and frankly it is nonsense
You can have a stable currency with just one export even if it is a commodity like crude oil . That was the case in Nigeria for many years .
Many of you like to sound off on issues that you have a very superficial understanding of

What does the. UNITED KINGDOM EXPORT?
No country exports more than China
The US dollar is arguably the strongest currency because of many complex reasons closely related to its military clout

The. Fiscal behaviour of government and political stability are more important than exports.

The Western world does not send developing countries. They only disguise to be saints. They are ever ready to milk Africa from time immemorial.
Trading on local currency would be a great idea. America goes everywhere with its paper-printed dollars to acquire nations' natural and human resources which the papers won't get. Any country not allaigning with their interests, they comes for them with war or their almighty media propaganda.

Islie:


https://saharareporters.com/2024/03/08/nigeria-set-join-russia-china-brics-may-start-trading-crude-oil-naira

pansophist:


You are misinterpreting what I wrote. Pointing out a simple fact is not blaming. Facts and blaming are not the same.

You mentioned why countries like Japan, South Korea, and Malaysia are wealthy. I answered similar answers concerning that a few days ago, please read the link below.

https://www.nairaland.com/7998943/advice-me-2-million-travelling/3#128637030

If I am a corrupt politician who steals billions and deposits them in a Swiss bank, then it's logical for EFCC to also point to the simple fact that the Swiss bank is an accomplice. Ignoring the role the bank played is just foolish honestly.

So calling out Bretton Woods has nothing to do with refusing to blame our leaders, but Bretton Woods aint innocent either. Please explain to me why every currency on earth is depreciating against the dollar, meanwhile, the US is over 30 Trillion in debt.

Explain to me why just one country on earth (The US) has the power to just make a country poor overnight through sanctions and blocking of Swift. Is that fair? So how will pointing out this global injustice and imperialism be met with harsh criticism from you?

I am not sure if this is the first time you come across my post. But I am not someone who runs away from responsibilities or expects others to. I will face it, overcome it, and be free. That's my style.

But facing the problem also means pointing out the problem. So you can blame African leaders for eternity, I am with you on that. But the West aint innocent either.

As Falana noted, the Bretton woods system is the chief cause of economic failure in the third world.

Above is exactly what you wrote and you pointed out Nigeria as an example. You said the instittution is the chief cause of economic failure in third world country.

My point is countering this argument saying that why bretton wood is a problem, our MAJOR issue is economic terrorism/sabotage from our leadership since 1970

Is it Gowon that told us that we had so much money and our problem then was how to spend it?

Telling me that Swiss bank should reject deposits from corrupt politicians shows you don't understand how modern financial safe havens works. Shell companies without single trace to the real owners are created and funds managed at an agreed fee (cut) with the real owner.

In my own analysis bretten wood is just 25% of our problem. Our problem are crude, archaic and wicked leadership. That's where 75% of our problem lies. Solve this problem and Nigeria will have a GDP per Capita of above $10,000 (PPP)

On currency depreciation against dollar, please it's not every country on earth that their currency is depreciating against USD. I went one by one to check history of the countries I mentioned earlier on to check their currency depreciation against USD. It's been fairly stable over the years. None has depreciated by more than 10% in the past 10yrs but naira has depreciated by 90%+ in the last ten years. Again 75% of our problem lies with us. That's my point

On US imperialism, that's what powerful countries do. No be Russia invade Ukraine? Is not China that's conducting military drills in South China sea and eyeing Taiwan with red eyes? Give any country the type of leverage US has and they will do much worse

This will back fire so bad... Hope y'all ready to import in yuan too?

Brics means as follow Brazil,Russia,India,China and South Africa. Where you won put N Nigeria in there to fit in correctly?

Islie:


https://saharareporters.com/2024/03/08/nigeria-set-join-russia-china-brics-may-start-trading-crude-oil-naira

This is the best way to go, wean ourselves from economic models that have not in anyway helped us, the West DONT care whether our 250 millions plus people die or live. They are extremely selfish, and our so called leaders are too timid to confront this people, Tell me any African or indeed developing nation that is not destroyed to get their resources, from DR Congo, to Nigeria to Niger to Mali. The scourge of banditry is visited on such countries, they set the people against themselves, they pilfer their resources. Someone mentioned refineries not working.. No refinery would ever work in Nigeria for as long we have willing Western nations ready to accept stolen money from unscrupulous Nigerians.

Do China and Russian or South Africa or any of the BRICS help keep stolen money from thieves in Nigeria. You find stolen money in Western countries, Uk, Switzerland, US , France etc.

Have we been colonised by Russia, China or any of the BRICS countries? Who has been actively involved in destroying leaders that would have helped Nigeria, from Tunde Idiagbon who was poisoned to Abiola who was poisoned when Thomas Peckring the American top diplomat was here during the June 12 election fiasco, to many more.

What American beneficial investment can you point out in Nigeria except NGOs that are CIA projects to monitor and keep Nigeria subjugated.

It’s not a curse! But mark my word, Nigeria would remain pauperised in the midst of plenty if we don’t change course and seek new alliance towards the East.

The UK economy is in sort of kind of recession now, why are they not going to the World Bank or IMF for assistance.. Because those bodies are economic baits for stupid countries like ours.

Why is it that countries that do not want anything to do with those entities are attacked and destroyed, How was Libya doing before it was destroyed for nothing…look at Libya now.

Now regarding why joining BRICS is concerned, we need to realize that trading in Naira would mean the demand for Naira to pay for oil would increase and simple economics indicates that when there is a higher demand for a particular currency, that currency would appreciate in value. A very good example was the case of the Russian ruble which was the only currency acceptable for payment for oil and gas from Russia at the start of the war, that currency appreciated to around 54 rubles to euro suddenly and considering the enormous excruciating sanction placed on Russia, the currency is still very competitive. They need oil and gas, but they stopped buying from Russia, who was their largest supplier to Europe, tell me where would they make up for the shortfall as a result of not buying from Russia, definitely from “easy countries” like Nigeria, countries without principle..it’s a case of destroying our currencies to buy at rock bottom prices and starve the populace in the process, do they care about us? Absolutely NO. If they could kill so many Iraqis, Libyans and presently Palestinians who are we? Venezuela would not play ball and they are being strangulated. But we should take lessons from smaller African countries like Burkina Faso, Mail, Niger whose younger leaders saw through this injustices and decided to face the consequences to free their countries.

Non of the BRICS countries have enslaved or colonised us before. But what about the West, we are still firmly a colony of the West. You think they like us? You need to think better. Nigeria is country that’s blessed abundantly and they the West know it.

The earlier we seek friends elsewhere the better for us.

Make no mistake ..it won’t be easy as doing that would be resisted by the same West as there stealing hands together with their accomplices in Nigeria are firmly entrenched in Nigeria cookies jar.

Helinus:
We import most of the things we use.

If we start selling oil in naira, can we buy from China and Europe with Naira?

It will bring more hardship.

Why don't we wait till we start producing most of the things we use in Nigeria?

Nigeria is like a child that his father is a Village palm wine tapper, managed to send him to a university, and the c[b]hild is trying to chill with the big boys, it will end in tears.[/b]

Tears never soak the whole place already? With bandits kidnapping recklessly, people unable to feed and dying?

I will like someone to explain the meaning of May in the sentence.

Ola9ja23:
Nigeria shall be great again

keep lying to yourself. when was nigeria ever great?

Arobaga:



Partisan aside



Talk truth is Tinubu not useless?

yes

musicwriter:
Good!

Indeed, the right thing African countries should do is look towards China and Russia as partners. They have historically always been our side.

No body is on your side... it's all about interest.

Una too lie.

Islie:


https://saharareporters.com/2024/03/08/nigeria-set-join-russia-china-brics-may-start-trading-crude-oil-naira

The other time or some years back, the federal government said Mou had been concluded with China to trade in Yuan, so what now happened since then?
They are at it again.