Nigeria’s potential partnership with BRICS presents significant opportunities for economic growth, global influence, and infrastructure development, Dr Timothy Aikor, a senior lecturer with the Federal University of Technology (FUT), Owerri, has said.
BRICS is a group of emerging-market powers that includes Brazil, Russia, India, China, and South Africa. Last Saturday, Kimiebi Ebienfa, acting spokesperson for Nigeria’s Ministry of Foreign Affairs, announced that Nigeria had joined the market block, prompting Dr Aikor’s reaction.
As much as he has welcomed the partnership as presenting Nigeria with substantial economic, political, and developmental opportunities, Dr. Aikor nevertheless warns: “However, the country (Nigeria) must address its domestic challenges to maximize these benefits.
He mentions some of those domestic challenges, such as insecurity, corruption, and weak infrastructure, as capable of hindering Nigeria’s ability to fully leverage BRICS opportunities.
“Additionally, Nigeria must critically assess whether BRICS membership aligns with its broader strategic goals, ensuring that the partnership strengthens, rather than constrains, its development trajectory.”
The scholar’s reaction on his Facebook account is: “Joining BRICS (Brazil, Russia, India, China, and South Africa) as a partner country presents our country with substantial economic, political, and developmental opportunities. Nigeria, as Africa’s largest economy and most populous nation, can leverage BRICS membership to advance its strategic interests in the global arena.”
“BRICS offers a platform for the country to access alternative sources of development financing through mechanisms like the New Development Bank (NDB), which focuses on infrastructure and sustainable development projects. This could provide us with the financial support needed to address its infrastructure deficit. Furthermore, the country’s membership could enhance trade partnerships, especially with countries like China and India, which are already significant trading partners. These relationships could diversify our export markets, moving beyond crude oil to include agriculture and manufactured goods, thereby reducing its economic dependence on oil,” Dr. Aikor went on.
According to the university don, “As a BRICS partner, Nigeria would gain a stronger voice in global economic governance, countering the dominance of Western institutions like the IMF and World Bank. By aligning with BRICS, we can advocate for more equitable global policies that benefit developing nations. Additionally, BRICS membership could bolster South-South cooperation, fostering stronger ties with other emerging economies.”
