Nigeria (Commonwealth) _ Nigeria, which is ranked third in Africa after South Africa and Egypt, is regarded as a major economic force. Nigeria insists that it can only make this decision over the next two years, despite expert opinions suggesting it qualifies to get the membership of BRICS (Brazil, Russia, India, China, and South Africa) which has been formed to promote economic cooperation and development among world’s largest and most influential emerging economies.
At its 15th annual meeting in South Africa last August, 2023, BRICS welcomed six new members into its fold: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. However, Argentina eventually withdrew its invitation to join on January 1, 2024, citing a number of reasons. Ethiopia is the poorest country in Africa, but Russia consistently characterizes it as a vital partner in its formal remarks.
Russia’s goal of growing its membership is one of its top goals as it assumes the BRICS chair in 2024. This move is a significant milestone in the ongoing evolution and fortification of the BRICS standing in the international arena. Moreover, Africa’s progress may be accelerated by Russia’s leadership in the BRICS. Opportunities in the areas of collaboration, education, policy, and investment might alter Africa’s course for growth. At the moment, BRICS is being considered in relation to its potential for collaboration with Global South nations.
According to a report in a newspaper, Professor Williams Ijoma, President of the Global Migration Research Institute (GMRI), has stated that it is time for Nigeria to join the BRICS (Brazil, Russia, India, China, and South Africa) alliance in order to free the country from the grip of poverty and create opportunities for swift development.
He was the speaker at a one-day BRICS conference in Abuja, Nigeria, entitled “BRICS + and Global South: Problems and Prospects,” which was sponsored by the Universal Migration Enlightenment Centre (UMEC) and Upriver Needy’s Empirical Solution Centre (UNESCO), Foundation.
He insisted that Nigeria, being a part of the global south, ought to join BRICS since, according to Purchasing Power Parity (PPP), the bloc has already surpassed the G7 bloc (Canada, France, Germany, Italy, Japan, United Kingdom, and the United States of America) in terms of the bloc’s share of the world’s total GDP.
Nigeria’s economy will benefit greatly from membership in BRICS as the country possesses all the necessary components to become a global power. At the meeting, he declared, “I think that joining BRICS will boost Nigeria’s economy because we have the raw materials and the human resources.”
As of 2023, the GDP of the BRICS members is expected to make up 31.5% of the world GDP, as opposed to the G7’s 30.7%. Without a doubt, Nigeria’s membership in this organization would increase its influence globally. He stated that this is founded on the nation’s wealth of natural and human resources.
Professor Okoli, a fellow at the North-Eastern Federal University in Russia, stated that while the G7 and other global powers were perceived as having fared poorly in the wake of World War II, the emergence of BRIC—and now BRICS+—offers developing countries a more favorable alternative in terms of trade and economic growth.
The consensus among summit speakers was that joining BRICS would benefit member nations greatly since it would position the group as a formidable economic force to rival the G7. Throughout their talks, the experts underlined how important it is for African nations to pursue autonomous growth and sovereignty. Africa offers a plethora of prospects for investment and complete collaboration due to its abundant resources and expanding consumer market.
Why is Nigeria not a member of BRICS yet?
Nigeria’s non-subscription to the BRICS membership may be largely attributed to its foreign policy dealings with Western nations.
Over the course of 63 years, Nigeria has developed strong relationships with the West, led by the United States. However, many analysts believe that this relationship has not yielded any significant advantages for the most populous nation in Africa. In light of this, several political scientists and economists have urged Nigeria’s authorities to join the forum in order to further their nation’s economic goals.
Pandor responded, “They’ve come out publicly,” when asked to list the nations that had submitted applications to join BRICS. Argentina, the United Arab Emirates, Egypt, Algeria, and Saudi Arabia are the five. Thus, the list of Nigeria and Mexico is expanding. Thus, there is intense attention everywhere. And we will decide when we have developed the criteria.
