Building BRICS: A populous African powerhouse enters the game

The assessment of Nigeria as the ninth partner state in BRICS marks a significant milestone in the history of this group. It’s not merely a change of status; it represents a profound evolution in global economic and political cooperation dynamics. With Nigeria as a partner country, BRICS enhances its geographical and economic diversity, allowing for better representation of the interests of developing countries, particularly those in Africa. 

As of today, full membership of BRICS, along with Brazil, Russia, India, China, and South Africa, is held by Egypt, Ethiopia, Iran, the UAE, and Indonesia. The status of a BRICS partner state, along with Nigeria, has been acquired and confirmed by Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. 

Strengthening diversity within BRICS

Nigeria, one of the largest economies in Africa, brings considerable value to the composition of BRICS. Its demographic and economic diversity enriches the group, enabling a more equitable representation of the concerns and needs of developing nations. By collaborating with Nigeria, BRICS positions itself not only as an economic bloc but also as a forum where African voices often marginalized in other international spaces can be heard.

This diversity is crucial as it fosters a better understanding of the challenges faced by developing countries. The current geopolitical readjustments led by the Russian Federation and President Vladimir Putin make this representation essential, as countries in the Global South seek to increase their influence in the face of traditional imperialist powers.

Increasing economic influence

As the group’s partner, Nigeria could strengthen its trade relations and attract foreign investments. With a population of over 200 million, Nigeria is the most populous country in Africa and possesses abundant natural resources, notably oil, which accounts for about 90% of its exports. Nigeria could benefit from more direct access to the markets of other members, particularly China, which is already its main trading partner, with bilateral trade reaching $20 billion in 2022.

Partnership with BRICS could also boost Foreign Direct Investment (FDI). In 2021, Nigeria attracted about $3.5 billion in FDI, but this figure could significantly increase through economic cooperation initiatives and infrastructure projects supported by BRICS countries. For example, investments in transportation and energy infrastructure could reduce logistical costs and improve productivity.

Moreover, partnership with the group could enhance Nigeria’s position in global economic governance. The country could participate in discussions on issues such as the reform of international financial institutions, allowing it to advocate for its interests and those of African countries. With BRICS, Nigeria could catalyze sustainable economic growth, promote infrastructure development, and strengthen its position on the international stage, while providing opportunities for economic diversification and job creation for its population.

Strengthening South-South dialogue

Another essential aspect of Nigeria’s collaboration with the BRICS is the strengthening of South-South dialogue. This concept, which advocates for cooperation among developing countries, is particularly relevant in the current context of globalization, where nations in the Global South seek to support one another. 

Nigeria has already developed several economic, technological, and cultural partnerships that could be amplified within the framework of BRICS. These synergies would facilitate the exchange of best practices, technology sharing, and enhanced public policy effectiveness among members. South-South dialogue thus offers valuable opportunities for innovation and the search for solutions tailored to the unique challenges these nations face.

Opportunities for Nigeria

For Nigeria, becoming a BRICS partner state presents multiple strategic interests, and this can be highlighted with concrete figures and facts. 

Nigeria will gain access to BRICS markets, which comprise about 42% of the global population and nearly 25% of global GDP. Increased access to these markets represents a unique opportunity to boost its exports. In 2022, Nigeria exported approximately $50 billion worth of products, primarily oil. A strengthened partnership with other BRICS members could potentially double these exports in certain categories, particularly in the agricultural and manufacturing sectors vital to the Nigerian economy.

Additionally, there are FDI opportunities, as BRICS countries, particularly China, are key sources of FDI. By aligning with BRICS, Nigeria could attract additional investments, potentially tripling its investment through joint projects in infrastructure, energy, and technology. For instance, Chinese investments in railway and energy infrastructure in Nigeria have already exceeded $10 billion, and these figures could increase significantly in the coming years.

Another beneficial sector for Nigeria is economic diversification. The country heavily relies on oil revenues, which account for about 90% of its exports. Partnership with BRICS could promote the diversification of its economy. By developing sectors such as agriculture, digital technologies, and manufacturing, Nigeria could reduce its dependence on oil. In 2020, the agricultural sector contributed 22% to Nigeria’s GDP, and with BRICS support, this figure could grow significantly in the coming years. 

Moreover, Nigeria would benefit as a BRICS partner by strengthening its diplomatic power. With BRICS, Nigeria would have a stronger voice in international discussions on crucial issues, allowing it to advocate for its interests while forming strategic alliances. 

Future perspectives: Towards full membership?

It is quite plausible some countries that have recently acquired partner status in BRICS may seek to become full members in the future. Several reasons justify this potential trend.

The convergence of economic interests among members could strengthen the desire for integration. If Nigeria and other partners can demonstrate that their membership will bring mutual benefits, the race towards full membership could accelerate.

Furthermore, the establishment of joint projects, whether commercial or technological, can also encourage countries to formalize their position within the group. The more fruitful the interactions, the more evident it becomes that formalizing these relationships is necessary.

Global geopolitical developments, particularly the need for alliance diversification, make participation in BRICS increasingly attractive. As geopolitics evolves, countries seek to build strategic alliances to enhance their influence. Nigeria’s integration as a partner state in BRICS represents a significant evolution that could transform not only the internal dynamics of the group but also the global economic and political landscape.

Through increased cooperation, economic opportunities, and better representation of African interests, Nigeria positions itself as a key player on the international stage. In an increasingly interconnected world, this evolution paves the way for unprecedented opportunities for sustainable development, economic prosperity, and peace.