World
Experts Advise Nigeria to Join BRICS

By Kestér Kenn Klomegâh
Nigeria is considered an economic power in West Africa, and it runs in the third position behind Egypt and South Africa. While expert opinions suggest it qualifies for BRICS (Brazil, Russia, India, China and South Africa), an association of emerging economies that primarily seeks to promote economic cooperation and development among its members, Nigeria maintains that it can only make such a decision over the next two years.
Last August 2023, BRICS admitted six new members Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates into its fold at its 15th annual summit in South Africa. However, Argentina later cited multiple reasons and declined to join from January 1, 2024. In official speeches, Russia always describes Ethiopia as the poorest, but a strategic partner in Africa.
Russia has taken over the BRICS presidency in 2024 and one of its priorities is the process of expanding its membership. This step represents an important stage in the further development and strengthening of the BRICS position on the world stage. Furthermore, Russia’s leadership of BRICS could catalyze the development of Africa. Opportunities related to investment, education, policy and cooperation have the potential to change Africa’s development trajectory.BRICS is currently discussed in the context of its prospects for cooperation with countries of the Global South.
President of the Global Migration Research Institute (GMRI), Professor Williams Ijoma, has said it is time Nigeria joined the League of Nations in BRICS (Brazil, Russia, India, China and South Africa) bloc to rescue Nigeria from the clutch of poverty and open opportunities for rapid development, according to the report in Guardian newspaper.
He spoke at a one-day summit on BRICS themed ‘BRICS + and Global South: Problems and Prospects’ organized by Upriver Needy’s Empirical Solution Centre (UNESCO), Foundation in partnership with the Universal Migration Enlightenment Centre (UMEC) in Abuja, Nigeria.
He insisted that Nigeria, as a member of the global south, must join BRICS because global trend shows that the bloc has already overtaken the G7 bloc (Canada, France, Germany, Italy, Japan, United Kingdom and the United States of America), in terms of share of the total global Gross Domestic Products (GDP), as per Purchasing Power Parity (PPP).
“BRICS is a very important organization that will enhance the economy of Nigeria because Nigeria has got all it takes to be a world power. We have the raw materials and we have the human resources and I believe that joining BRICS will boost Nigeria’s economy,” he said at the summit.
According to BRICS, the GDP of their member accounts for 31.5 per cent of global GDP as of 2023, compared to the 30.7 per cent of the G7 nations. “Nigeria joining this organization is a gateway to boost its influence around the world, no doubt about it. This is based on the abundant human and natural resources to leverage in the country,” he said.
Professor Williams Ijoma pointed out that the BRICS nations offered a source of foreign expansion for firms and strong returns for institutional investors, adding that the organization seeks to deepen economic cooperation between member countries and stand in contrast to the Western sphere of power.
He noted that the present government was doing a lot to make sure Nigeria joined BRICS, pointing out that the Minister of Foreign Affairs travelled to Moscow to better the relationship between Nigeria and Russia, and also that of BRICS.
In terms of trade and what Nigeria stands to benefit from a Fellow at the Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences, Professor Maurice Okoli, explained that the BRICS partnership would allow nations to trade among themselves with their local currency without the restrictions of a single currency, the dollar for international transactions.
Professor Okoli, who is also a fellow at the North-Eastern Federal University, Russia, said that the global powers, especially the G7 countries were seen to have not done well after the Second World War but the emergence of BRIC, now BRICS+ offers a better option to developing nations in terms of economic development and terms of trade.
Hon. Kenneth Chibuogwu Gbandi, the National Deputy Chairman (Diaspora Engagement) of the African Democratic Congress (ADC), also emphasized that, like every international group, membership involves responsibilities, and potential advantages must be weighed against any challenges or commitments that come with it to be sure that Nigeria is not worse off in the end. Joining BRICS is already taking an economic alliance that is intertwined with political interest. Balancing Nigeria’s national interests with the collective goals of the BRICS group and managing geopolitical complexities may present big challenges to our traditional allies like the United Kingdom and the United States. This will, no doubt, require significant diplomatic efforts and manoeuvring.
Speakers at the summit generally noted that BRICS would emerge as a major economic power to counter the G7, hence joining the bloc held immense benefits for member countries. The experts, in their speeches, emphasized the undeniable importance of the desire of African countries for sovereignty and independent development. With rich resources and a growing consumer market, Africa provides countless opportunities for investment and comprehensive cooperation.
Why is Nigeria not yet a BRICS member?
Nigeria’s potential membership has been under serious discussion these several months. Given Nigeria’s position as Africa’s largest economy, it is expected that the economic bloc would covet the membership of Nigeria in spreading its influence. It is believed Nigeria’s foreign relations with the Western powers may be a major reason the country has not yet subscribed to BRICS membership.
Nigeria’s ties with the West led by the United States have spanned over 63 years, but this relationship in the opinions of many observers has not translated to any substantial benefits for the most populous country in Africa. It is against this background that many political scientists and economic analysts have called on Nigerian leaders to enlist the country in the forum’s membership to advance its economic interests.
The Vice President, Kashim Shettima, who represented President Bola Tinubu at the bloc’s 15th summit in Johannesburg said Nigeria has not applied to join the economic bloc. Shettima argued that President Ahmed Tinubu would have to engage the National Assembly and the Federal Executive Council before Nigeria applies for BRICS membership.
“So far, we have not applied for the membership of BRICS. And it is majorly informed by the fact that my principal President Bola Ahmed Tinubu is a true democrat that believes in consensus building,” VP Shettima said. “There are so many variables that need to be taken into cognisance. We have to evaluate so many tendencies and issues that require engagements with the economic advisory council, the Federal Executive Council, and even the National Assembly before an informed decision towards joining the BRICS would be taken.”
Early March (5-7) 2024, during his official working visit to Moscow, Nigerian Minister of Foreign Affairs Yusuf Tuggar at the joint media conference with his counterpart, Foreign Minister Sergey Lavrov, explained that “Nigeria will seek to become a member of the BRICS group of nations within the next two years as part of a new foreign policy push to have its voice heard in important global organizations.”
Talking to the news agency Sputnik on a range of issues, including potential BRICS membership, he stated, “We intend to do it. As I said before, Nigeria runs a deliberative democratic system. So there tends to be a lot of engagement with different interest groups, different internal bodies before such an action is taken.”
The West African nation will join every group that is open as long as the intentions are good, well-meaning and clearly defined, Minister of Foreign Affairs Yusuf Tuggar also said in an interview with local Russian media. “Nigeria has come of age to decide for itself who her partners should be and where they should be, being multiple aligned is in our best interest,” Tuggar said. “We need to belong to groups like BRICS, like the G-20 and all these other ones because if there’s a certain criterion, say the largest countries in terms of population and economy should belong, then why isn’t Nigeria part of it?”
Back in November 2023, Tuggar made it clear that Nigeria would seek to join BRICS within the next two years to ensure the nation’s representation and influence on the global stage, and that “the West African nation is open to joining any alliance that has constructive, well-defined goals.”
Available information about countries that have declared interest and applied to join BRICS indicated that Nigeria has applied to join the economic bloc. In an interview with an Indian news channel, WION, in March 2023, South Africa’s Foreign Minister, Naledi Pandor revealed that Nigeria was among the 12 countries that had applied to join the economic alliance.
When asked to name the countries that have applied to join BRICS, Pandor said, “They’ve come out publicly. Saudi Arabia is one, the United Arab Emirates, Egypt, Algeria, and Argentina. So, it’s a growing list of Mexico and Nigeria. So, there’s huge interest worldwide. And once we’ve shaped the criteria, we will then make the decision.”
Meanwhile, in the speech delivered at the summit, the Vice President pledged that Nigeria was ready for collaboration and partnership that guarantees a world governed by acceptable rules and norms. However, given Nigeria’s strong relationship with the West, it remains to be seen if Africa’s powerhouse would join BRICS and its new members to counterpoise the economic dominance of the United States and its allies.
BRIC is an acronym for four countries, Brazil, Russia, India and China, which formed an economic bloc in 2009 to challenge the economic hegemony of the United States and its Western allies. The addition of South Africa to the informal association in 2010 transformed the acronym into BRICS.
World
Trump’s Tariffs, Russia and Africa Trade Cooperation in Emerging Multipolar World

By Kestér Kenn Klomegâh
With geopolitical situation heightening, trade wars are also becoming increasingly prominent. The 47th United States President Donald Trump has introduced trade tariffs, splashed it over the world. China, an Asian trade giant and an emerging economic superpower, has its highest shared.
South Africa, struggling with its fragile foreign alliances, is seriously navigating the new United States economic policy and trade measures, at least to maintain its membership in the African Growth and Opportunities Act (AGOA) which is going to expire in September 2025.
It is a well-known fact that AGOA waived duties on most commodities from Africa in order to boost trade in American market. The AGOA also offers many African countries trade preferences in the American market, earning huge revenues for their budgets. Financial remittances back to Africa also play mighty roles across the continent from the United States.
That however, the shifting geopolitical situation combined with Trump’s new trade policies and Russia’s rising interest in Africa, the overarching message for African leaders and business corporate executives is to review the level of degree how to appreciably approach and strengthen trade partnership between Africa and Russia.
The notion of a new global order and frequently phrased multipolar world, indicating the construction of a fairer architecture of interaction, in practical terms, has become like a relic and just as a monumental pillar. Even as we watch the full-blown recalibration of power, the geopolitical reshuffling undoubtedly creates the conditions for new forms of cooperation.
In this current era of contradictions and complexities we are witnessing today, we must rather reshape and redefine rules and regulations to facilitate bilateral and multilateral relations between African countries and Russia, if really Russia seeks to forge post-Soviet strategic economic cooperation with Africa.
In fact, post-Soviet in the sense that trade is not concentrate on state-to-state but also private – including, at least, medium scale businesses. The new policy dealing with realities of the geopolitical world, distinctively different from Soviet-era slogans and rhetorics of ‘international friendship and solidarity’ of those days.
Bridging Africa and Russia, at least in the literal sense of the word, necessitates partial departure from theoretical approach to implementing several bilateral and multilateral decisions, better still agreements reached at previous summits and conferences during the past decade.
Understandably Africa has a stage, Russia termed ‘the struggle against neo-colonial tendencies’ and mounting the metal walls against the ‘scrambling of resources’ across Africa. Some experts argued that Africa, at the current stage, has to develop its regions, modernize most the post-independence-era industries to produce exportable goods, not only for domestic consumption. Now the emphasis is on pushing for prospects of a single continental market, the African Continental Free Trade Agreement (AfCFTA).
This initiative, however, must be strategically and well-coordinated well, and here I suggest integration and cooperation starting at country-wide basis to regional level before it broadly goes to the entire continent, consisting 54 independent states.
These are coordinated together as African Union (AU), which in January 2021 initiated the African Continental Free Trade Agreement (AfCFTA). With this trading goals in mind, Africa as a continent has to integrate, promote trade and economic cooperation, engage in investment and development. In that direction, genuine foreign partners are indiscriminately required, foreign investment capital in essential for collaboration as well as their entrepreneurial skills and technical expertise.
For instance, developing relations with Asian giants such China and India, the European Union and the United States. A number of African countries are shifting to the BRICS orbit, in search for feasible alternative opportunities, for the theatrical trade drama. In the Eurasian region and the former Soviet space, Kazakhstan and Russia stand out, as potential partners, for Africa.
Foreign Affairs Minister Sergey Lavrov has said, at the podium before the staff and students at Moscow State Institute of International Affairs in September, that trade between Russia and Africa would grow further as more and more African partners continued to show interest in having Russians in the economic sectors in Africa. This provides greater competition between the companies from Western countries, China, and Russia. With competition for developing mineral resources in Africa, it is easier and cheaper for African colleagues to choose partners.
As far back in October 2010, Russian Foreign Affairs Ministry posted an official report on its website that traditional products from least developed countries (including Africa) would be exempted from import tariffs. The legislation stipulated that the traditional goods are eligible for preferential customs and tariffs treatment.
Thereafter, Minister Sergey Lavrov has reiterated, in speeches, trade preferences for African exporters, but terribly failed to honour these thunderous promises. Notwithstanding the above granting trade preferences, there prevailing multitude of questions relating to the pathways of improving trade transactions, and removing obstacles including those Soviet-era rules and regulations.
Logistics is another torny hurdle. Further to this, Russian financial institutions can offer credit support that will allow to localize Russian production in Africa’s industrial zones, especially southern and eastern African regions that show some stability and have good investment and business incentives.
In order to operate more effectively, Russians have to risk by investing, recognize the importance of cooperation on key investment issues and to work closely on the challenges and opportunities on the continent. On one hand, analyzing the present landscape of Africa, Russia can export its technology and compete on equal terms with China, India and other prominent players. On the other hand, Russia lacks the competitive advantage in terms of finished industrial (manufactured) products that African consumers obtain from Asian countries such as China, India, Japan and South Korea.
Compared to the United States and Europe, Russia did very little after the Cold War and it is doing little even today in Africa. On 27th–28th July 2023, St Petersburg hosted the second Russia-Africa summit. At the plenary session, President Vladimir Putin underscored the fact that there was, prior to the collapse of the Soviet, there were over 330 large infrastructure and industrial facilities in Africa, but most were lost. Regarding trade, Putin, regrettably, noted Russia’s trade turnover with the African countries increased in 2022 and reached almost US$18 billion, (of course, that was 2022).
Arguably, Russia’s economic presence is invisible across Africa. It currently has insignificant trade statistics. Until the end of the first quarter of 2025, Russia still has a little over $20 billion trade volume with Africa. Statistics on Africa’s trade with foreign countries vary largely.
For example, the total United States two-way trade in Africa has actually fallen off in recent years, to about $60 billion, far eclipsed by the European Union with over $240 billion, and China more than $280 billion, according to a website post by the Brookings Institution.
According to the African Development Bank, Africa’s economy is growing faster than those of any other regions. Nearly half of Africa is now classified as middle income countries, the numbers of Africans living below the poverty line fell to 39 percent as compared to 51 percent in 2023, and around 380 million of Africa’s 1.4 billion people are now earning good incomes – rising consumerism – that makes trade profitable.
Nevertheless, there is great potential, as African leaders and entrepreneurial community are turing to Russia for multifaceted cooperation due to the imperialist approach of the United States and its hegemonic stand triggered over the years, and now with Trump new trade tariffs and Washington’s entire African policy.
China has done its part, Russia has to change and adopt new rules and regulations, pragmatic approach devoid of mere frequent rhetorics. It is important discussing these points, and to shamelessly repeat that both Russia and Africa have to make consistent efforts to look for new ways, practical efforts at removing existing obstacles that have impeded trade over the years.
Sprawling from the Baltic Sea to the Pacific Ocean, Russia is a major great power and has the potential to become a superpower. Russia can regain part of its Soviet-era economic power and political influence in present-day Africa.
Certainly, the expected superpower status has to be attained by practical multifaceted sustainable development and by maintaining an appreciably positive relations with Africa. We have come a long way, especially after the resonating first summit (2019 and high-praised second summit (2023), several bilateral agreements are yet to be implemented. The forthcoming Russia – Africa Partnership summit is slated for 2026, inside Africa and preferably in Addis Ababa, Ethiopia.
Kestér Kenn Klomegâh is a frequent and passionate contributor. During his professional career as a researcher specialising in Russia-Africa policy, which spans nearly two decades, he has been detained and questioned several times by Russian federal security services for reporting facts. Most of his well-resourced articles are reprinted in a number of reputable foreign media.
World
Tariff War Threatens Global Economy, US-China Goods Trade By 80%—WTO DG

By Adedapo Adesanya
The Director General of the World Trade Organization (WTO), Mrs Ngozi Okonjo-Iweala, has said the US-China tariff war could reduce trade in goods between the two economic giants by 80 per cent and hurt the rest of the world economy.
President Donald Trump raised tariffs on China to 125 per cent on Wednesday as the world’s two largest economies fought over retaliatory levies.
The American President earlier ramped up duties on Chinese goods to 104 per cent, only to hike them further when China retaliated by raising tariffs on US imports to 84 per cent.
In a social media post announcing the moves, President Trump said China had been singled out for special treatment because of “the lack of respect that China has shown to the world’s markets.”
In her reaction to the development, the WTO DG said in a statement that, “The escalating trade tensions between the United States and China pose a significant risk of a sharp contraction in bilateral trade. Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80 per cent.”
She said the United States and China account for three per cent of world trade and warned that the conflict could “severely damage the global economic outlook”.
Even as he slapped further tariffs on China, Mr Trump paused higher tariffs on the rest of the world for 90 days, claiming that dozens of countries reached out for negotiations.
Mrs Okonjo-Iweala warned that the world economy risked breaking into two blocs, one centred around the United States and the other China.
“Of particular concern is the potential fragmentation of global trade along geopolitical lines. A division of the global economy into two blocs could lead to a long-term reduction in global real GDP by nearly seven percent,” she said.
She urged all WTO members “to address this challenge through cooperation and dialogue.”
“It is critical for the global community to work together to preserve the openness of the international trading system.”
“WTO members have agency to protect the open, rules-based trading system. The WTO serves as a vital platform for dialogue. Resolving these issues within a cooperative framework is essential,” she added.
World
AFC Tops $1bn Revenue in 2024 Financial Year

By Adedapo Adesanya
Africa Finance Corporation (AFC), the continent’s top infrastructure solutions provider, has announced its strongest financial performance to date, with total revenue for the year ended December 31, 2024 surpassing $ 1 billion for the first time in its history.
This record performance marks a significant milestone in AFC’s mission to close Africa’s infrastructure gap through scalable, de-risked investments that attract global capital and deliver tangible development outcomes.
The corporation posted a 22.8 per cent increase in total revenue to US$1.1 billion and a 22.3 per cent rise in total comprehensive income to $400 million, up from $327 million in 2023.
AFC’s earnings growth was driven by improved asset yields, prudent cost-of-funds management and sustained traction in advisory mandates.
Further significant financial highlights include net interest income up 42.5 per cent to $ 613.6 million; fee and commission income rose to $109 million, the highest in over five years; operating income climbed 42.7 per cent to $709.7 million; total assets reached a record $14.4 billion, a 16.7 per cent year-on-year increase; liquidity coverage ratio strengthened to 194 per cent, providing over 34 months of cover; and cost-to-income ratio improved to 17.3 per cent from 19.6 per cent in 2023.
According to a statement, AFC said throughout 2024 it continued to scale its impact by mobilising capital for landmark projects across energy, transport, and natural resources.
These included the Lobito Corridor – a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC led the initiative to secure a concession agreement within one year of the initial Memorandum of Understanding (MoU), an unprecedented achievement for a project of its scale. In the DRC, AFC also invested $150 million in the Kamoa-Kakula Copper Complex, Africa’s largest copper producer and one of the most sustainable globally, thanks to its high-grade ore and renewable-powered smelter.
Other milestones transactions included financing support for the commissioning of the Dangote Refinery, the largest in Africa, and continued progress on AFC-backed Infinity Power Holding’s 10 GW clean energy ambition, with power purchase agreements secured in Egypt and South Africa.
AFC also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1 million to support early-stage development of a transcontinental renewable energy pipeline between North Africa and Europe.
AFC strengthened its capital base and expanded its investor network through several landmark funding initiatives. These included a $ 1.16 billion syndicated loan – the largest in its history, a $500 million perpetual hybrid bond issue, and the successful execution of Nigeria’s first-ever domestic dollar bond, which raised $900 million at 180 per cent oversubscription.
AFC also returned to the Islamic finance market after eight years, closing a $400 million Shariah-compliant facility.
The year also saw strong momentum in equity mobilisation, with $181.8 million in new capital raised from ten institutional investors. These included Turk Eximbank – AFC’s first non-African sovereign shareholder – the Arab Bank for Economic Development in Africa (BADEA), and several major pension funds spanning Cameroon, Seychelles, Mauritius, and South Africa. Ratings agencies affirmed AFC’s robust credit profile, with AAA ratings from S&P Global (China) and China Chengxin International, and a stable A3 Outlook from Moody’s.
Speaking on the result, Ms Samaila Zubairu, President & CEO of AFC said, “These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors.”
“In 2024, we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience—demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa’s economic transformation,” she added.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN