In recent years, BRICS—comprising Brazil, Russia, India, China, and South Africa—has emerged as a significant global coalition representing the interests of developing countries. Established in 2009, BRICS aims to provide an alternative platform for the Global South, promoting economic cooperation and development that differs from Western-led institutions.
With the recent expansion of BRICS to include new members, it is essential for Nigerian policymakers to understand the implications of this shift and to take decisive actions to position Nigeria favorably within this framework.
BRICS was initially formed as a response to the dominant influence of Western powers in global economic governance. Over the years, it has worked to create a multipolar world where developing countries have a stronger voice. The recent decision to expand BRICS to include nations such as Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates marks a significant shift in global dynamics. This expansion reflects a growing recognition of the need for a more inclusive approach to international cooperation that acknowledges the diverse needs and challenges faced by countries in the Global South.
With its expanded membership, BRICS seeks to address issues like trade imbalance, economic inequality, and sustainable development. It also aims to foster cooperation in areas such as technology, energy, and infrastructure development, which are critical for the growth of emerging economies.
The primary goal of BRICS is to serve as an alternative platform for the Global South, enabling member countries to collaborate on common challenges and to seek equitable solutions. This cooperative approach can empower Nigeria to leverage its resources and potential, particularly in agriculture, energy, and technology.
However, for Nigeria to fully capitalize on the opportunities presented by BRICS, it must first address its internal challenges. The current political and economic turmoil, characterized by corruption, instability, and poor governance, hinders the country’s ability to engage effectively with BRICS. In a landscape where credibility is paramount, Nigeria’s ongoing issues threaten its standing within the coalition.
The political and economic landscape of Nigeria has been particularly troubling since 2015, under the leadership of President Muhammadu Buhari and his successor, Bola Ahmed Tinubu. Their administrations have been marked by a series of misguided economic policies, heavily influenced by the World Bank and IMF, which have exacerbated the country’s problems rather than alleviating them.
The implementation of austerity measures and structural adjustments, often advised by these institutions, has led to soaring inflation rates, which surpassed 20% in 2023, and rampant unemployment, affecting millions.
The National Bureau of Statistics highlights that over 70% of Nigeria’s population lives below the poverty line. Such statistics reflect a harsh reality: the economic policies adopted in the name of reform have, instead, rendered Nigeria a laughing stock among its African peers, undermining the nation’s credibility on the international stage.
For decades, Nigeria has relied heavily on Western institutions like the IMF and the World Bank for development assistance. However, these institutions have often imposed stringent conditions that have not resulted in sustainable growth. Instead, Nigeria has experienced significant challenges, including rising poverty levels, currency devaluation, and high unemployment rates.
The World Bank reported that Nigeria’s GDP per capita has stagnated over the years, failing to keep pace with population growth. This stagnation has created a cycle of dependency that has stunted Nigeria’s economic development. The reliance on external advice, particularly during the Buhari and Tinubu administrations, has led to policies that prioritize short-term gains over long-term sustainability. The resulting economic distress has not only damaged Nigeria’s reputation but also alienated it from potential allies within BRICS.
For Nigeria to benefit optimally from its prospective membership in BRICS, it must prioritize internal reforms. This involves creating a conducive environment for investment, enhancing governance structures, and implementing policies that promote transparency and accountability. Economic diversification is also critical; Nigeria should leverage its vast natural resources and potential in technology and agriculture to build a more resilient economy.
Moreover, fostering strong partnerships within BRICS could enable Nigeria to learn from the experiences of other member countries, adapting successful strategies to its unique context. By focusing on sustainable development goals and fostering inclusive growth, Nigeria can position itself as a leader in the BRICS coalition.
To facilitate this process, policymakers must engage in strategic planning that aligns with the broader objectives of BRICS. This means actively participating in discussions around trade, investment, and technology transfer while advocating for policies that reflect the interests of the Nigerian populace.
The expansion of BRICS presents a unique opportunity for Nigeria to redefine its place in the global economy. However, for Nigeria to be taken seriously within this coalition, it must first address the myriad challenges that have plagued its political and economic landscape. The reckless management of its economy under the Buhari and Tinubu administrations has not only squandered goodwill but has also raised skepticism about Nigeria’s ability to contribute positively to BRICS initiatives.
By committing to domestic reforms and prioritizing sustainable development, Nigeria can not only benefit from its participation in BRICS but also contribute meaningfully to the group’s objectives. As the world shifts toward a more multipolar order, the time for serious engagement and reform is now. Nigeria’s future in BRICS depends on its ability to transform its internal landscape, ensuring that it stands as a credible and influential member of this vital coalition.
