Abba Hamisu Sani
Africa-Press – Nigeria. Whether Nigeria will join BRICS or not is a topic that receives so much attention and discussion among economic and political spectators in Nigeria being the largest economy in Africa with vast opportunity to benefit as the BRICS member country has many things in common with Nigeria interns of business opportunities.
The block members that comprises Brazil, Russia ,India, China and South Africa can transfer a lot of technical know-how to countries like Nigeria if they join.
The recent meeting of the organization in South Africa attracted the attention of world superpowers as it insists on the issue of de-dollarization as they want to create their own money.
Nigeria was represented by the country’s vice President Kashim Shatima.His speech during the event indicated that Nigeria is yet to make its mind on joining the upcoming world strong economic block.
The new countries joining the group by 2024
As Nigeria drags in joining the organization which may dominate the global economy by 2050 Countries like Ethiopia and Egypt from Africa will be full members of the body by 2024 together with countries such as Iran,Saudi Arabia,United Arab Emirates from the Middle east and Argentina from South America.
With other two African countries joining the BRICS and South Africa as a full member since 2010. Nigeria’s failure to be part of the organization is being described as an indication of interest in maintaining the relationship with its former colonial master England and America. The relation which yielded less positive results to the country’s economic development.
The 15th summit of the BRICS which focuses on global recession, international trade, food, climate change and international security also provided an opportunity for member states to expressed their reservation President
Ramaphosa of South Africa, who hosted the summit reflected on his country’s Apartheid nightmare.
“We have always believed that the freedom we won – and the international solidarity from which we benefited – imposes a duty on us to support the struggles of those who continue to experience colonialism and racial oppression. That is why we will continue to support the struggles of the people of Palestine and Western Sahara, “the South African President said.
Jideofor Adibe is a professor of Political Science and International Relations at Nasarawa State University, Keffi Nigeria and Extraordinary Professor of Government Studies at North
Western University, Mafikeng South Africa. He stated that with two more African countries set to become members of BRICS from January next year, Nigeria seems to have already lost out a potential membership of at least for now. It is time for the country to wake up to the reality that it is fast losing its clout in international affairs and that it has not been sufficiently strategic in its choices in international affairs.
The Political scientist stated this in his write up titled ; “BRICS: The wedding goes on without us.”
The Professor said one of the important outcomes of the 2023 BRICS Summit was the invitation of six nations (from over 40 countries said to have indicated interest) to join the group, and these are: Ethiopia, Egypt, Iran, Argentina, the United Arab Emirates and Saudi Arabia.
The new members seem strategically selected, and the admission of Ethiopia, one of the fastest growing economies in Africa and with the permanent seat at the African Union, is symbolic. It is the same for Egypt, which connects Africa to the Arab world. Saudi Arabia joining BRICS would mean that the world’s largest crude oil exporter will find itself in the same economic bloc as the world’s biggest oil importer, China. Also, both Russia and Saudi Arabia are members of OPEC, a group of major oil producers. Similarly, the invitation to Iran, home to around a quarter of the Middle East’s oil reserves and which shares the burden of Western sanction with Russia, seems, again,
gain, to be carefully thought through, not just in terms of oil politics but also for its influence in the Middle East. Iran’s President Ebrahim Raisi was said to have celebrated his country’s BRICS invitation with a swipe at Washington. He was quoted as saying that the BRICS’ expansion “shows that the unilateral approach is on the way to decay.”
The invitation to Argentina not only connects to the Latin American angle but also taps into the current sentiments in the country. With a triple–digit inflation, a steadily deteriorating national currency, the peso, and an overwhelming burden of debt repayment on a $44 billion loan agreement with the International Monetary Fund (IMF), frustrations with the Western system and a yearning for an alternative path to development and international cooperation seem quite widespread in the country.
Professor Adibe added that the UAE, another influential Middle East country, has been a friend of BRICS for quite some time. It joined the BRICS New Development Bank in October 2021, after it was established in 2015. The UAE, which enthusiastically accepted the BRICS’ invitation, said it has consistently championed the value of multilateralism in supporting peace, security, and development globally.
“I have read a number of commentaries by some Nigerians that BRICS is mere hot air and that the country shouldn’t bother about it. With all due respect, I believe arguments like this are made either out of sheer ignorance of the dynamics of international economic relations or as a consolation for being left out. The fact is that being located within important groupings like BRICS, even before it has fully taken shape, is itself power” He stated.
Dr Ibrahim Matazu Suleiman is a political and economic affairs analyst.He said from the way things are going in the BRICS there is need to understand the objectives of the countries that initiated the movement so that the reasons behind their choice of some countries to be members can be better understood.
The club is aimed at strengthening bilateral and multilateral relations and also enhances market opportunities among themselves to ensure growth as well as compete with G7 Countries.
He said in the case of South Africa which was admitted in 2010 is considered by the group as an emerging power and catalyst in pushing forward the BRICS agenda, if other countries also seem to contribute toward achieving that interest it may be incorporated too.
Why Nigeria is not incorporated in to BRICS
Dr. Matazu says it is surprising that Nigeria being the largest economy with high population and resources, political influence and market is not invited to join the group as it is ahead of South Africa in so many aspects even though South Africa is ahead of Nigeria in terms of manufacturing sector development.
The analyst says from the way he understands Nigeria is not running away from the club because of America ,it is the BRICS members that are not interested in incorporating Nigeria. By looking at their objectives.
South Africa will be a better country in serving their purpose to achieve their own aim because Nigeria may look somehow not so reliable like South Africa in achieving their agenda which they bodily expressed among which is to make some reforms at the United Nations and its security Council ,the World Trade organization, IMF and World Bank policies. This shows their dissatisfaction with the way things are going at the World and other regional organizations as they are also trying to introduce new currency to avoid dollar which is the predominant currency in the world market.
So going by that Nigeria will hardly give them full support and they may not find it convenient to rely on Nigeria hundred percent to the end of the process.
Nigeria’s relationship with individual BRICS members looks positive
The Political scientist said that the relationship that exist between Nigeria and the individual BRICS members are harmonious starting with Brazil which has a cordial relationship with Nigeria as it remains the fifth goods exporter to Brazil since 2008 and the business bilateral put Brazil to be the second largest importer to Nigeria. not to talk of China which as for now Nigeria is the most pro Chinese country in the world as it stand as the second African importer from China after South Africa.So going by this it can be said China influences the incorporation of South Africa in to the BRICS as the same China contribute more than sixty percent in the organization with South African contributing only three percent which is insignificant but overlooked due to Chinese influence.
Also India stands to be Nigeria’s largest business partner in the African continent.The Indian medical pharmaceuticals received high patronage in Nigeria.In the Banking sector to India’s investment in Nigeria ,India also invested over six hundred million dollars in Telecommunication sectors through Airtel.
Russia is another key player in the Nigerian economy especially in the areas of energy, exploration and development of Oil wells as well as gas reserves.
All these countries have good relationships with Nigeria , so there is no way Nigeria will just start to run away from them even if some of them are not on good terms with the United States of America but it is not to the level of conflict or crises.
Dr. Matazu Suleiman how ever stated that even among BRICS member Countries there is conflict like between India and China there is much competition in the African Market and Russia is not convenient with India’s contestation to be a member at the United Nations Security Council while America is backing India in that regard, going
By these the BRICS members lack the strong cooperation among themselves as a block determined to challenge the USA dominance in global affairs.
Another issue is that even if the group succeeded in introducing its Money it can hardly passes the influence of Euro which is a regional currency for European Union as it play significant role in the global market but it didn’t hinders dollar from flourishing, likewise if they introduce the money it can be only enjoyed among themselves but it can not stop dollar from striving because the club didn’t succeed in establishing some financial institutions that world relied upon.
Russia ,China and India are still working with the IMF ,they don’t have alternatives, as they are just calling for the modification of such institutions , so they are still an integral part of those financial Institutions under American leadership.
Staying Neutral is safer for Nigeria
The analyst says that Nigeria will find it more convenient to relate with those countries interns of trading as it has been doing because when it come to the time that they face off against the USA Nigeria will be safe and at the same time enjoying the normal benefit from the trade and commercial activities with them and if they succeed to be strong and more favorable economist Nigeria is still a friend and can work together so that it can not find it self in a jeopardy from either site.
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