The Chairman of the House Committee on Foreign Affairs, Wole Oke , has urged the BRICS nations and their partners to deepen trade cooperation, reduce reliance on Western markets, and adopt local currency transactions to mitigate exposure to “volatile currency politics.”
Speaking at a BRICS trade forum in Brazil on Tuesday, Oke emphasized that the world is entering an era of economic uncertainty, where stronger intra-BRICS ties are essential for ensuring stability for developing economies. He highlighted digital transformation , local currency trade , and the strategic use of resources as critical to building what he termed “resilient trade corridors” within the bloc, which now includes new members such as Egypt , Ethiopia , Iran , Saudi Arabia , and the UAE .
“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,” Oke stated.
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Oke proposed the establishment of a local currency settlement system to reduce dependence on the U.S. dollar, alongside joint investments in sectors like agriculture , pharmaceuticals , manufacturing , and clean energy . He noted that despite BRICS representing over 40% of the global population and nearly a third of the world’s GDP, trade among member states remains below its full potential.
“Let’s stop depending solely on traditional markets. Let us reduce trade barriers and support one another to meet quality standards set within the bloc,” he added.
Leveraging the New Development Bank for Trade Growth
Oke called on the New Development Bank (NDB) to move beyond its traditional lending role and act as a trade enabler by offering guarantees and financing to boost intra-BRICS commerce. He stressed the importance of leveraging the institution to drive economic integration and mutual prosperity.
While Nigeria is not yet a full member of BRICS, Oke affirmed the country’s status as a BRICS partner and reiterated Nigeria’s push for greater inclusion within the bloc. He also advocated for a digital and green revolution within BRICS, proposing common cybersecurity standards , shared e-commerce platforms , and unified AI governance frameworks .
“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 said.
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