Nigeria and BRICS agenda for reforming global governance structures

*BRICS, which stands for Brazil, Russia, India, China and South Africa, admits Nigeria as a ‘partner country’ along with 12 other emerging-market powers as Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan and Vietnam towards supporting the bloc’s agenda of reforming global governance structures

*Nigeria, Africa’s major economy, shares ‘convergent interests’ with other BRICS members, says Brazilian Government

Gbenga Kayode | ConsumerConnect

Marking a pivotal moment in its international trajectory, Nigeria has joined the BRICS bloc of developing economies as a “partner country”.

Brazilian Government, Chairman of BRICS, disclosed this development in a statement Friday, January 17, 2025.

Nigeria, officially, has been admitted to the BRICS group of emerging-market powers.

Nigerian President Bola Ahmed Tinubu, GCFR

ConsumerConnect learnt that BRICS, which stands for Brazil, Russia, India, China and South Africa, is reportedly pushing to expand in recent years.

BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven leading industrialised nations, agency report said.

The power bloc has also grown in clout, and has accepted other countries, including Egypt, Ethiopia, Indonesia and United Arab Emirates.

Aside from Nigeria, BRICS has also admitted 12 other developing economies as partner countries.

These are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan and Vietnam.

The bloc, in 2024, added Iran, Egypt, Ethiopia and the United Arab Emirates (UAE), while Saudi Arabia has been invited to join, according to report.

It is further noted that Turkey, Azerbaijan and Malaysia have formally applied to become members of BRICS, and a few others have expressed interest.

Nigeria becomes the ninth.

Why BRICS admits Nigeria as ‘partner country’: Brazil

The Brazilian Government Friday also stated: “With the world’s sixth-largest population — and Africa’s largest — as well as being one of the continent’s major economies, Nigeria shares convergent interests with other members of BRICS.

“It plays an active role in strengthening South-South cooperation and in reforming global governance — issues that are top priorities during Brazil’s current presidency.”

It us recalled that United States (US) President-elect Donald Trump last year had threatened 100 percent tariffs against BRICS, if they act to undermine the US Dollar in their respective economies.

Reports equally indicate that BRICS leaders have voiced their commitment to introducing an alternative payment system that would not be dependent on the US Dollar any longer.

Nigeria’s expected role in BRICS agenda to reform global governance structures

As a partner country to BRICS,  Nigeria’s youthful population and growing middle class present immense opportunities for trade, investment, and innovation, agency report said.

Further still, the West African country’s dynamic technology sector, often referred to as “Silicon Lagoon”, is rapidly gaining international attention.

This development is making it a natural fit for BRICS’ emphasis on fostering innovation and technological collaboration, report noted.

The country’s entry into BRICS as a partner country as well aligns with its longstanding commitment to South-South cooperation.

Hitherto, Nigeria has been an advocate of increased collaboration among developing nations, particularly in areas such as trade, infrastructure development, and climate change.

Therefore, as a BRICS partner, the West African country is expected to play a key role in advancing the bloc’s agenda of reforming global governance structures, according to report.

It was gathered that playing this key role includes advocating a more equitable distribution of power within international institutions, such as the United Nations (UN), World Bank, and International Monetary Fund (IMF).

Besides, Nigeria’s involvement in BRICS initiatives could lead to increased access to alternative financing mechanisms, such as the New Development Bank (NDB), which provides loans and grants to member and partner countries.

Maximising fresh partnership with the bloc

It is equally noted that this move could prove particularly beneficial for Nigeria’s ambitious infrastructure development plans, including projects in transportation, energy, and the Nigeria Digital Economy.

Nigeria’s inclusion in BRICS as a partner would further  strengthen the African continent’s representation in the bloc and creates new opportunities for countries on the continent to engage with BRICS on issues of mutual interest.

Of essence also is that Nigeria’s participation could encourage greater alignment between BRICS, and regional initiatives as the African Continental Free Trade Area (AfCFTA).

Nigeria’s joining BRICS, report said, could inspire other African countries to seek closer ties with the bloc as well.

This could lead to a more coordinated African approach to global issues, ranging from climate change to economic inequality, thereby amplifying the continent’s voice on the world stage.

On opportunities versus challenges of joining BRICS as ‘partner country’

It should be noted that as Nigeria’s inclusion in BRICS as a partner country presents several opportunities to the country, its citizens, and other African countries, the fresh partnership also comes with challenges, report said.

In order to make the best of the new partnership with BRICS, it is also observed that the country would need to navigate complex geopolitical dynamics within the bloc, particularly given the diverse interests of its members.

By implication, Nigeria will need to demonstrate its commitment to the bloc’s goals by aligning its domestic policies and regulations with BRICS’ priorities for success.

This includes addressing longstanding issues, such as corruption, infrastructure deficits, and economic diversification, according to report.

Yet, it is believed that despite these, the opportunities far outweigh the challenges.

By engaging with BRICS, Nigeria can leverage its new status to attract investments, expand trade, and enhance its influence in global governance discussions.

It also noted that Nigeria’s inclusion as a BRICS partner country marks a pivotal moment in its international trajectory.

As Africa’s most populous nation and leading regional power, Nigeria’s participation in BRICS has the potential to reshape the bloc’s engagement with the continent and amplify its role in global affairs, report stated

For BRICS, Nigeria’s addition as well underlines the bloc’s commitment to inclusivity, and its ambition to represent the interests of the Global South.

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