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RADP / Pulse Ghana  >  business  >  International

What is BRICS and why has Nigeria not joined yet? [Explainer]

Bayo Wahab

The goal of BRICS is to promote economic cooperation and development among its members.

BRICS 15TH annual summit recently held in South Africa [Health Reporters]
BRICS 15TH annual summit recently held in South Africa [Health Reporters]

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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 bloc in 2010 transformed the acronym into BRICS.

Interestingly, the formation of the organisation has brought about a profound shift in the global economic landscape as the influence of the bloc grows among developing nations.

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As one of the most powerful economic blocs in the world, many developing countries are already looking forward to joining the forum to protect their economic interests.

While countries seeking to become members of the bloc have not been officially invited to join, the organisation recently admitted Iran, Saudi Arabia, the United Arab Emirates, Egypt, Argentina and Ethiopia into its fold.

The newly admitted countries would become full members from January 1, 2024, while 40 more countries are said to have registered their interests in joining the bloc.

Brazil, Russia, India and China  and South Africa are the founding members of BRICS. [CGTN]
Brazil, Russia, India and China  and South Africa are the founding members of BRICS. [CGTN] Pulse Nigeria

The expansion of BRICS membership will not only further its economic clout on the global stage, it could also diminish the influence of the US-dominated global financial institutions such as the World Bank and the International Monetary Fund (IMF) in countries that want to cut ties with the West.

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Currently, the five countries that formed BRICS account for more than 40% of the world population and 26% of the world economy. According to the data from the International Monetary Fund (IMF), the bloc accounts for 32.1% of global GDP.

However, 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. Unfortunately, Nigeria is not among the newly admitted countries.

The non-inclusion of Nigeria among the six new nation members of the bloc has been a big question begging for answers.

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.

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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.

President Bola Tinubu receives US Secretary of State for African Affairs, Mary Catherine Molly Phee.[Presidency]
President Bola Tinubu receives US Secretary of State for African Affairs, Mary Catherine "Molly" Phee.[Presidency] Pulse Nigeria

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.

However, contrary to the claim that Nigeria was rejected by the bloc, 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 said President Tinubu would have to engage the National Assembly and the Federal Executive Council before Nigeria applies for BRICS membership.

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“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,” the VP 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.”

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.

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South African Foreign Minister Naledi Pandor. [TheCitizen]
South African Foreign Minister Naledi Pandor. [TheCitizen] Pulse Nigeria

When asked to name the countries that have applied to join BRICS, Pandor said, “They’ve come out publicly. Saudi Arabia is one, 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 US and its allies.

Bayo Wahab Bayo Wahab Bayo Wahab is the News Editor at Pulse. He is a passionate journalist with core interest in special reports, development and investigative journalism. Reach him via bayo.wahab@pulse.ng

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