From Dollar Dominance to Multipolar Trade: Wole Oke Pushes BRICS Agenda

In a compelling policy proposition that signals Nigeria’s diplomatic assertiveness on the global stage, the Chairman of the House of Representatives Committee on Foreign Affairs, Hon. Busayo Oluwole Oke, has called for a transformative BRICS-led trade agenda to redefine global economic relations in the face of geopolitical upheaval.

Speaking as the representative of Ijesa North Federal Constituency, Hon. Oke emphasized that BRICS — the economic bloc comprising Brazil, Russia, India, China, South Africa, and its newly admitted partners including Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, must rise to the occasion as the world navigates unprecedented disruptions in trade, technology, and global order.

 “In the early 2000s, I read Jim O’Neill’s piece, ‘Building Better Global Economics: BRICS’. At the time, it sounded like an economic fairy tale. Yet here we are, two decades later, standing on the threshold of a new global system with BRICS as a functioning, strategic bloc,” Oke remarked.

Though Nigeria once harbored ambitions of full BRICS membership aspiring toward a BRINCS formation, Oke noted that the country currently holds a BRICS Partner Nation status. Nonetheless, he argued, Nigeria must use this platform to engage and influence the emerging global trade architecture.

 “We meet at a moment when the old certainties are gone. Protectionism is rising, the dollar is volatile, and supply chains are stressed. What we need is not a return to the past, but bold steps toward a multipolar, fairer trade future, with BRICS leading the charge,” he said.

A New Trade Blueprint for the BRICS Era

Oke’s policy thrust focuses on five core strategic imperatives to make BRICS a driver of inclusive economic progress and resilience.

1. Diversifying Trade Channels

Oke advocated for moving away from traditional Western-dominated trade corridors, urging BRICS and its partners to prioritize mutual investments and localized value chains. He called for the widespread adoption of local currency settlements, reducing exposure to foreign exchange shocks and dollar-dominance vulnerabilities.

2. Enhancing Intra-BRICS Trade

Despite commanding nearly a third of global GDP, intra-BRICS trade remains disproportionately low. Oke called for the elimination of non-tariff barriers, the harmonization of regulatory standards, and the strengthening of regional production ecosystems in sectors like agriculture, pharmaceuticals, and critical minerals.

3. Coordinating Strategic Resources

With BRICS nations richly endowed in natural and human resources, Oke proposed a collective strategy for resource management, especially in food and energy.

 “Imagine a BRICS-led global food and energy security pact driven by joint policy, cross-border infrastructure, and smart investments. That is the kind of vision we need.”

4. Championing Digital and Green Economies

As the global economy pivots toward digital integration and sustainability, BRICS must not lag behind, Oke warned. He called for:

Development of joint e-commerce platforms

Cross-border fintech and digital payment systems

Unified cybersecurity standards

Collective green trade frameworks and investments in clean energy

5. Expanding Global Partnerships

Oke welcomed the recent BRICS expansion and proposed a deliberate effort to build alliances with other multilateral blocs like ASEAN, MERCOSUR, and the African Union.

 “BRICS must not become a closed club. It should be a coalition of rising voices inclusive, evolving, and globally engaged.”

A Call to Action

In a rousing conclusion, Hon. Oke positioned BRICS as not just a geopolitical entity, but a moral alternative to the inequities of existing global institutions.

 “Strengthening BRICS trade is about rejecting dependency and embracing destiny. It’s about making prosperity not the preserve of a few, but the entitlement of all,” he declared.

His final words rang with clarity and resolve:

“Let us trade. Let us build. Let us lead.”