Nigeria’s Foreign Ministry confirmed last weekend the country’s admittance into BRICS, the economic grouping she has been romancing for several years.
A statement signed by the acting spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa said the Federal Government had accepted the invitation to join BRICS as a partner country.
Ebienfa continued: “The formal acceptance to participate as a partner country underscores Nigeria’s commitment to fostering international collaboration, leveraging economic opportunities, and advancing strategic partnerships that align with Nigeria’s development objectives. BRICS, as a collective of major emerging economies, presents a unique platform for Nigeria to enhance trade, investment, and socio-economic cooperation with member countries.”
According to the statement, Nigeria is poised to leverage the platform to advance shared goals in trade and investment, energy security, infrastructure development, technology, and climate change.
This partnership, it said, “also aligns with our national aspirations for inclusive growth, regional integration, and active participation in shaping a fair and equitable global economic order in line with our ethos of strategic autonomy. Nigeria looks forward to engaging constructively with BRICS members to drive innovation, foster people-to-people exchanges in line with our national interests and strategic priorities.”
The 5 countries – Brazil, Russia, India, China, and South Africa, (BRICS) – created the partnership several years ago and it was expected to provide stiff competition to other western-led economic groupings like the Group of Seven (G7) which also is an informal grouping of seven of the world’s advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. It was named the G8 when Russia was part of it until the country was excluded in 1998. Meanwhile there is also the G20 which, which was created in 1999 so that emerging markets could be represented, and the 20 nations include the major 5 in BRICS.
BRICs was an idea that was originally developed into a group that began with the meeting of the leaders of China, India, and Russia in 2008 in St. Petersburg. In 2009, the first summit of “BRICs” countries, excluding South Africa, took place in Russia. In 2010, at a foreign ministers’ meeting, the initial four agreed to invite South Africa and during its 2011 summit, the five-country organisation, with the “S” now standing for South Africa, acquired its full name. It has served as a forum to highlight the emergence of smaller economic markets that can influence the global economy and be relevant in determining forces that can move the world economically.
The expectations are that the group can introduce a development bank and a currency reserve fund, that can reduce Western control of the global financial system.
While member countries of BRICS are different in their political systems and economic strength, their enthusiasm to counter unfavourable western economic policies should serve then well individually and collectively. It should also provide them with a more powerful voice on world economic policies that are mostly now dictated by the World Bank and the International Monetary Fund, IMF.
Forming a grouping is not the main issue. Can the partnership bark and bite? Can their clout affect western policies that are usually selfish and of the interest of the West only?
Can the brick and mortar of the current BRICS members, with the additional partners identified outside of it, like Bangladesh, Egypt, Indonesia, Iran, Nigeria, South Korea, Pakistan, Mexico, the Philippines, Turkey, and Vietnam provide more muscle? They cannot remain ‘Boys’ forever and be subservient to the ‘Men’ in G7 and other groups. Boys must grow to become Men, and China and India should have something to say about the exclusivism practiced by the major economic powers.
BRICS have had their politics and rivalry which have threatened their unity and there have been obstacles to greater accord. China and India are the two powerhouses and sometimes let their rivalry interfere with the group’s progress. Analysts believe that both need to propel the smaller partners in the right direction by showing good leadership, if they are to achieve their objectives.
The clamour for reform of global institutions and upset traditional divisions of international relations can only happen if there is unity and strength among smaller groups like BRICS.
Is it time to ask: “Who is afraid of the BRICS?”
