In January 2025, Nigeria accepted the invitation to join BRICS as a partner country. The term BRIC was first used by Goldman Sachs economist Jim O’Neill, who used it to refer to the informal intergovernmental bloc made up of Brazil, Russia, India and China, which emerged in 2009 following the first official BRIC summit hosted by Russia in 2009. South Africa joined the bloc in 2011 to create the BRICS. With the admission of new members in 2024, the bloc has further expanded into what some analysts refer to as BRICS Plus. The overarching objective of the bloc is to counteract the global economic and political dominance of the G7 bloc as well as the Bretton Woods Institutions. In the past few years, the bloc has expanded in terms of its economic strength and its membership size.
Nigeria’s partnership with the BRICS is significant in many ways. First, it comes at a time when the bloc’s global influence is increasing due to growth in its economic strength and membership expansion. Secondly, it comes at a time when Nigeria requires support to bolster its domestic economy and waning regional influence in Africa. Thirdly, there is growing polarisation of the world with Russia’s invasion of Ukraine and support for military regimes in African countries where the influence of the G7 is waning following the expulsion of France by its former colonies. Finally, if implemented, the current economic policy of Trump’s administration in the United States, especially the planned increase in taxation against some G7 member states, will further polarise Western hegemony and strengthen BRICS Plus. This edition of the Nextier SPD Policy Weekly assesses how Nigeria can leverage opportunities presented by partnering with BRICS while mitigating the associated risks.
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