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.
By Adedapo Adesanya
Bitcoin (BTC), the world’s best-known digital currency, reached a fresh record high of $108,943 on Monday morning as Mr Donald Trump prepared to return to the White House.
The support from Mr Trump has boosted the crypto industry and after mentioning the asset’s record performance in a Sunday speech alongside gains in the broader US stock market, the prices have been heading north.
“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another,” Mr Trump said.
Business Post reports that some other tokens making gains include Ethereum (ETH), the second most valued coin which has gained 5.9 per cent to $3,349.93, Ripple (XPR) added 6.2 per cent to sell at $3.31, and Cardano (ADA) added 3.3 per cent to $1.07.
Mr Trump, who over the weekend launched a coin, has been vocal about his support for cryptocurrencies during his campaign and promised to make the US the crypto capital of the planet and create a strategic national bitcoin reserve, moves that have fueled investor optimism.
There are hopes that new policies and regulators will send the price of BTC and by extension, other coins much further this year as the US economy continues to show strength in the long term.
BTC reversed losses from earlier in the day when it fell to nearly $100,000 from a high over $102,000 on Sunday as incoming first lady Melania Trump issued a memecoin, drawing liquidity away from major assets.
Mrs Trump followed her husband’s lead by launching a multibillion-dollar cryptocurrency meme coin – briefly tanking the price of $TRUMP coin in the process.
A meme coin is a type of cryptocurrency inspired by trends such as internet memes with no inherent utility, and are often susceptible to price swings and crashes. Meme coins have been described by traders as a pure form of gambling and akin to buying a lottery ticket.
However, some crypto enthusiasts hailed the Trump meme coin’s release, saying it was symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration.
By Adedapo Adesanya
Nigeria has joined the BRICS bloc of developing economies to boost trade and investment. It is not joining as a full status member but as a partner country.
According to a statement by the Ministry of Foreign Affairs to the effect, the country was admitted as a BRICS partner country during a BRICS summit in Russia in 2024.
This marked the country’s inclusion in a partnership with 12 other nations aimed at strengthening ties with the emerging economic bloc.
As a partner, Nigeria can engage with BRICS initiatives without the formal obligations or decision-making rights that come with full membership.
Full members, on the other hand, actively shape the bloc’s policies, benefit from broader access to resources, and have a more significant role in governance.
BRICS was established in 2009 by Brazil, Russia, India, and China, with South Africa joining a year later in 2010. In 2024, the alliance expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).
Saudi Arabia has also received an invitation but has not yet formalised its membership.
According to the Ministry of Foreign Affairs, the formal acceptance to participate as a partner country highlights Nigeria’s commitment to fostering international collaboration and leveraging economic opportunities.
The ministry also said Nigeria is focused on advancing strategic partnerships that align with its development objectives.
The ministry noted that 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.
Business Post reports that Nigeria becomes the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
BRICS created to counterbalance the Group of Seven (G7), which consists of advanced economies. BRICS aims to amplify the influence of developing nations.
The term “BRICS” originated in the early 2000s as a label for emerging economies projected to become major global economic powers by the mid-21st century. The bloc has since evolved into a platform for addressing global economic disparities and fostering cooperation among rising economies.
By Kestér Kenn Klomegâh
With heightening of geopolitical interest in building a new Global South architecture, Ghana’s administration has to consider joining the ‘partner states category’ of BRICS+, an association of five major emerging economies (Brazil, Russia, India, China and South Africa). The National Democratic Party (NDC) and the elected President John Mahama, while crafting future pathways and renewing commitments over democracy and governance, designing a new economic recovery programme as top priority, could initiate discussions to put Ghana on higher stage by ascending unto BRICS+ platform.
Certainly, ascending unto BRICS+ platform would become a historical landmark for Ghana which has attained prestigious status in multilateral institutions and organizations such as the Economic Community of West Africa States (ECOWAS), the African Union (AU), the United Nations and also from Jan. 2025 has become the head of the Commonwealth Secretariat.
Unlike South Africa, which has acquired a full-fledged membership status in 2011, and Ethiopia, Nigeria and Uganda were taken into the ‘partner states’ category, Ghana has all the fundamental requirements to become part of BRICS+ alliance. It is necessary to understand the basic definition and meaning of BRICS+ in the context of the geopolitical changing world. The BRICS alliance operates on the basis of non-interference. As an anti-Western association, it stays open to mutual cooperation from countries with ‘like-minded’ political philosophy.
BRICS members have the freedom to engage their bilateral relations any external country of their choice. In addition to that, BRICS+ strategic partnership has explicitly showed that it is not a confrontation association, but rather that of cooperation designed to address global challenges, and is based on respect for the right of each country to determine its own future.
South Africa and other African countries associated with BRICS+
South Africa is strongly committed to its engagement in the BRICS+. It has, so far, hosted two of its summits. In future, Egypt and Ethiopia would have the chance to host BRICS+ summit. Egypt and Ethiopia have excellent relations with members, and simultaneously transact business and trade with other non-BRICS+, external countries.
The New Development Bank (BRICS) was established in 2015, has financed more than 100 projects, with total loans reaching approximately $35 billion, and it is great that the branch of this bank operates from Johannesburg in South Africa. Understandably, South Africa can be an investment gateway to the rest of Africa. In 2021, Bangladesh, Egypt, the United Arab Emirates and Uruguay joined the NDB.
The BRICS Bank works independently without any political strings, and has further pledged financial support for development initiatives in non-BRICS+ countries in the Global South. Its tasks include investing in the economy through concessional loans, alleviating poverty and working towards sustainable economic growth. According to President of the BRICS New Development Bank, Dilma Rousseff, “The bank should play a major role in the development of a multipolar, polycentric world.”
Ethiopia and Egypt are the latest addition to BRICS+ association from January 2024. South Africa and Egypt being the economic power houses, while Ethiopia ranks 8th position in the continent. In terms of demography, Nigeria is the populous, with an estimated 220 million people while Uganda has a population of 46 million. South Africa, Ethiopia and Egypt are full members, Algeria, Nigeria and Uganda were offered ‘partner states’ category, but have the chance to pursue multi-dimensional cooperation with external countries. BRICS+ has absolutely no restrictions with whom to strike bilateral relationship.
From the above premise, Ghana’s new administration, within the framework of BRICS+, could work out a strategic plan to establish full coordination with and request support from African members, including South Africa, Egypt and Ethiopia. Worth noting that membership benefits can not be underestimated in this era of shifting economic architecture and geopolitical situation.
Queuing for BRICS+ Membership
Burkina Faso, Mali and Niger which historically sharing the cross-border region of West Africa, are in the queue to ascend into the BRICS+ association. The trio has formed their own regional economic and defense pact, the Alliance of Sahel States (AES) in Sept. 2023, and aspiring for leveraging unto BRICS+, most likely to address their development and security questions. Brazil, as BRICS 2025 chairmanship, has set its priority on expansion of BRICS+, the enlargement wave began by Russia. More than 30 countries are the line join, hoping for equitable participation in bloc’s unique activities uniting the Global South.
Perhaps, the most crucial moment for Ghana which shares border with Burkina Faso. Its military leader, Capt. Ibrahim Traoré was heartily applauded for attending the inauguration of the new President John Dramani Mahama on January 7th. Burkina Faso, without International Monetary Fund (IMF) and World Bank, is transforming its agricultural sector to ensure food security, building educational and health facilities and sports complex which turns a new chapter in its political history.
In early January 2025, the National Democratic Congress (NDC) took over political power from the New Patriotic Party (NPP). Historically, the political transition has been quite smooth and admirable down the years. Ghana was ranked seventh in Africa out of 53 countries in the Ibrahim Index of African Governance. The Ibrahim Index is a comprehensive measure of African governments, and methods of power transfer based on constitutional principles, rules and regulations.
Ghana produces high-quality cocoa. It has huge mineral deposits including gold, diamonds and bauxites. it has approx. 10 billion barrels of petroleum in reserves, the fifth-largest in Africa. President John Dramani Mahama, has reiterated to unlock the potentials, creating a resilient and inclusive economic model that would empower citizens and ultimately attracts foreign investments. Ghana reduced size of government, a required condition to secure funds from the IMF for development and resuscitating the economy. Ghana’s involvement in BRICS+ will steadily enhance the dynamics of its traditional governance in multipolar world.
Outlining Ghana’s potential benefits
Currently, Ghana has myriad of economic tasks to implement, aims at recovering from the previous gross mismanagement. It could take advantage of BRICS+ diverse partnership opportunities. Closing related to this, Ghana’s headquarter of the African Continental Free Trade Area (AfCFTA) further offers an appropriate collaboration in boosting further both intra-BRICS trade and intra-Africa trade. With Egypt, Ethiopia, Uganda, South Africa, Nigeria and Ghana, these put together paints an African geographical representation in BRICS+, and presents their collective African voice on the international stage.
After studying the article report titled “Ghana Should Consider Joining the BRICS Organization” (Source: http://infobrics.org), the author Natogmah Issahaku, explained, in the first place, that Ghana’s relations with other external nations, particularly, those in the West, will not, and should not be affected by its BRICS membership. According to the expert, Ghana needs infrastructural development and sustainable economic growth in order to raise the living standard of Ghanaians to middle-income status, which could be achieved through participation in BRICS+. In return, Ghana can offer BRICS+ members export of finished and semi-finished industrial and agricultural products as well as minerals in a win-win partnership framework.
As an Applied Economist at the University of Lincoln, United Kingdom, Natogmah Issahaku emphasized the importance of the BRICS New Development Bank (NDB), that could play roles by financing Ghana’s development agenda. BRICS development cooperation model is based on equality and fairness, Ghana can leverage its relations to optimize potential benefits. Given the colossal scale of economic problems confronting the country, President Mahama should take strategic steps to lead Ghana into the BRICS+ without hesitation.
Notwithstanding world-wide criticisms, BRICS+ countries have advanced manufacturing and vast markets as well as technological advantages. As often argued, BRICS+ is another avenue to explore for long-term investment possibilities and work closely with its stakeholders.
These above-mentioned arguable factors are attractive for advancing Ghana in the Global South. Based on this, it is time to grab the emerging opportunity to drive increasingly high-quality cooperation, focus on hope rather than despair and step up broadly for more constructive parameters in building beneficial relations into the future! Over to the new government of President John Mahama, the estimated 35 million people and the Republic of Ghana.
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