PNN – A Nigerian parliamentarian at the BRICS business summit called for expanding trade in national currencies, strengthening economic cooperation, and joint investment in key sectors.
According to the report of Pakistan News Network, citing BRICS TV, a Nigerian parliamentarian at the BRICS trade summit emphasized the need to reform financial mechanisms among member countries, calling for expanding exchanges with national currencies, strengthening economic cooperation, and joint investment in key sectors.
Wole Oke, Chairman of the Foreign Affairs Committee of the Nigerian House of Representatives, emphasized the need to deepen economic cooperation among the member countries of the BRICS in Brazil, calling it an important factor in the economic stability of developing countries.
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Stating that strengthening intra-group trade is no longer an option, but an inevitable necessity, he said: We must trade and invest with each other more than ever and build a business ecosystem that puts our people first.
He also emphasized the need for digital innovation, strategic use of resources, and transactions in local currencies, and proposed creating a mechanism for settling financial accounts in national currencies.
He went on to call for joint investment in areas such as agriculture, clean energy, industrial production, and pharmaceuticals, adding: The BRICS New Development Bank should expand its role beyond that of a lending institution and support intra-group trade by providing financial guarantees and affordable financing.
The chairman of the Foreign Affairs Committee of the Nigerian House of Representatives also called on BRICS member countries to develop a common framework in areas such as cyber-security, e-commerce, and artificial intelligence, with the aim of digital and green transformation.
He concluded by saying, BRICS is not a closed club. Let’s work with the African Union, ASEAN, and Mercosur to create a new global trading order that is fair and inclusive.