Nigeria as a Partner Country to BRICS: The Prospects, Challenges and Areas for Legislative Interventions
Working Paper
BRICS is a global political and economic bloc, formed to foster economic cooperation and growth among developing nations. In various respects, Nigeria is highly qualified to have been invited as an originating member rather than joining by accession or conferment. The formal acceptance of Nigeria as a Partner Country underscores its commitment to fostering international collaboration, leveraging economic opportunities, and advancing strategic partnerships aligned with its development objectives. In other words, BRICS is provides a unique platform for Nigeria to enhance trade, investment, and socio-economic cooperation with member countries. Beyond the inherent prospects of the BRICS partner membership for Nigeria, there may be potential challenges, as the bloc’s agenda is perceived as being at odds with the G7 and supportive of de dollarization of the global economy. While Nigeria could benefit from improved foreign trade relations, enhanced infrastructure development, and potential technology transfer, its current ties with Western nations could be strained if it does not navigate its BRICS role carefully. Additionally, the weak competitiveness of Nigeria’s domestic goods may hinder the trade benefits that could otherwise accrue. The brief shows the current trade relations between Nigeria and the BRICS nations, underscoring the degrees of the existing trade relations between Nigeria and each of the respective members of the bloc. The prospects and challenges of the bloc is highlighted as well in the brief, while the conclusion and recommendations were also presented. The brief recommends that the National Assembly (NASS), through the Committee on Industry, Trade, and Investment, may pass a motion urging the Minister of Industry, Trade, and Investment to formulate actionable policies for establishing bilateral Free Trade Agreements (FTAs) with BRICS member countries. This is to facilitate an increase in the volume of trade for Nigeria and other members of the bloc. Also, the brief recommends that the National Assembly may pass a motion to call on the Minister of Foreign Affairs, through its committees on foreign affairs, to embark on advocacy to sensitise the stakeholders and the public on the potential benefits for Nigeria as a partner country to BRICS. In conclusion, Nigeria’s admission as a BRICS partner could mark a turning point in its foreign trade policy, particularly if the country effectively leverages the bloc to boost its export volume and achieve significant infrastructural development through the New Development Bank’s funding.