| dc.description.abstract | 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. | en_US |
