Politics
Introduction.
WITH a history dating back 139 years to the Berlin Conference of 1884-885, Nigeria faces a crucial juncture. In today’s evolving global landscape, reevaluating international alliances and economic strategies is imperative for renewed growth and influence.
Nigeria’s exclusion from influential groups like the G7, G20, and the Quad Alliance prompts a vital question: How can Nigeria safeguard its global economic and security interests? The African Development Bank (AfDB) points to BRICS (Brazil, Russia, India, China, and South Africa) as a formidable alternative. BRICS-Africa trade surged tenfold, hitting $340 billion in 2012, surpassing intra-BRICS trade, highlighting the economic prospects BRICS offers Nigeria.
The absence of Nigeria from BRICS could be attributed to several factors. One key factor may be Nigeria’s robust ties with Western countries, particularly the United States. The U.S. is the largest foreign investor in Nigeria, primarily in the petroleum/mining and wholesale trade sectors. Both Nigeria and the United States are members of several international organizations, including the United Nations, IMF, World Bank, and World Trade Organization. These strong affiliations might have influenced Nigeria’s cautious stance towards BRICS.
WHY IS NIGERIA NOT YET A MEMBER OF THE ECONOMIC BLOC?
Vice President Kashim Shettima, representing President Bola Tinubu, attended the organization’s 15th meeting in Johannesburg and confirmed that Nigeria had not submitted an application for BRICS membership. He emphasized the need for thorough consultations with the National Assembly, the Federal Executive Council, and other stakeholders before making such a significant decision.
Interestingly, recent revelations contradict the assertion that Nigeria has not applied for BRICS membership. South Africa’s Foreign Minister, Naledi Pandor, disclosed in an interview that Nigeria was one of the twelve nations that had applied to join BRICS. This revelation suggests a growing list of interested countries, including Saudi Arabia, the United Arab Emirates, Egypt, Algeria, Argentina,
and Mexico, indicating the global significance and allure of BRICS.
In light of this, the situation surrounding Nigeria and BRICS remains stable, with conflicting statements
and a growing list of applicants. It underscores the evolving dynamics of global economic alliances and
the complexity of Nigeria’s diplomatic engagements.
The ultimate decision regarding Nigeria’s BRICS membership will likely involve careful deliberation
and consensus-building among the country’s leadership and stakeholders.
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Tags: BRICS
