Nigeria’s membership in BRICS, effective January 2025, brings opportunities including access to financing through the New Development Bank, improved trade relations, and greater representation in global governance. However, internal challenges must be addressed to fully leverage these benefits.
The recent discussions surrounding Nigeria’s membership in BRICS highlight its consequences and implications for the country. BRICS began as an investment term in 2001 and has transformed into a coalition of major emerging economies, initially formed by Brazil, Russia, India, and China, later adding South Africa and, starting January 2024, other nations including Nigeria. This expansion reflects BRICS’s growing influence in the global economy, representing over 42% of the world’s population and a significant portion of the global economy.
In summary, Nigeria’s recent BRICS partnership presents potential advantages such as access to funding, enhanced global governance, and improved trade opportunities. However, to maximize these benefits, it is crucial for Nigeria to address its internal challenges and establish sound policies that support sustainable growth. Balancing this new partnership with existing relationships with Western nations will be essential for Nigeria to navigate its international position effectively.
Original Source: businessday.ng
