Faith Nyasuguta
Nigeria is ramping up efforts to secure a coveted spot within the BRICS bloc, its New Development Bank (NDB), and the G20. These moves are part of President Bola Tinubu’s vision to elevate Nigeria’s influence in Africa and beyond while reducing its dependency on Western-led financial systems.
Currently in Cape Town, South Africa, Tinubu is attending the 11th Nigeria-South Africa Bi-National Commission (BNC) session. This diplomatic gathering serves as a platform for strengthening economic ties between the two nations and for Nigeria to further its campaign for BRICS membership.
Nigeria’s Renewed Push
Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, reaffirmed Nigeria’s aspirations during the ministerial session of the BNC. The nation is keen to transition from being a partner country of BRICS to becoming a full-fledged member. This move aligns with earlier requests by Foreign Affairs Minister Ambassador Yusuf Tiggar, signaling Nigeria’s determination to reshape its economic and diplomatic standing on the global stage.
Membership in BRICS comes with notable benefits: increased access to economic resources, a stronger voice in global affairs, and the opportunity to collaborate with nations representing 85% of the world’s GDP and over 75% of global trade. It also includes the NDB, which provides funding for infrastructure and sustainable development projects across emerging markets. For Nigeria, this could unlock resources critical for transforming its economy and addressing key developmental challenges.
Africa’s Position in BRICS
South Africa is currently the only African country with full BRICS membership. However, during the BRICS summit earlier this year, the alliance expanded its partner network, adding 13 nations, including three African countries—Algeria, Nigeria, and Uganda. This growing representation from Africa highlights a regional push to counterbalance Western dominance by exploring alternative partnerships.
For Nigeria, BRICS membership represents more than just economic collaboration. It is part of a wider strategy to foster regional stability and position itself as a leader in Africa’s economic transformation. Ambassador Odumegwu-Ojukwu emphasized that Nigeria remains committed to regional peace and stability, a priority reflected in President Tinubu’s leadership within the African Union’s mediation efforts.
The Nigeria-South Africa Alliance
The 11th BNC session builds upon the foundation laid during previous meetings, including the 2021 session in Abuja. Both nations aim to evaluate progress made on joint initiatives and explore new areas of collaboration. This week’s session will culminate in a presidential meeting between Tinubu and his South African counterpart, Cyril Ramaphosa, where key resolutions will be finalized.
This diplomatic engagement also provides Nigeria with an opportunity to secure South Africa’s backing for its BRICS ambitions. As a founding BRICS member, South Africa’s support could significantly strengthen Nigeria’s campaign for membership.
Why BRICS and NDB?
The New Development Bank, a brainchild of BRICS, is designed to mobilize resources for infrastructure and sustainable development projects in emerging markets. For Nigeria, inclusion in the NDB could accelerate projects that have long been constrained by limited funding and reliance on Western financial institutions.
President Tinubu’s administration sees BRICS as a platform to diversify Nigeria’s partnerships while addressing its economic challenges. With its abundant natural resources and strategic position in Africa, Nigeria’s inclusion in BRICS could also enhance the bloc’s global influence.
A Transformative Vision
Nigeria’s intensifying campaign for BRICS membership is not merely about inclusion, it is about redefining its role in global economic and diplomatic spheres. By joining forces with like-minded nations, Nigeria hopes to carve out a path of sustainable growth, regional stability, and global relevance.
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