The director general of non-interest finance of West Africa, Prof. Busari Akande, has listed arrays of benefits from which Nigeria stands to derive when she eventually makes up her mind to join an emerging global economic bloc called BRICS, the acronym for Brazil, Russia, India, China, and South Africa.
In an interview, Prof. Akande, who is a financial expert, disagreed that it would not amount to aligning with or surrendering to China and Russia’s growing influence in Africa.
“It will be a win-win relationship. More than 40 countries have shown interest in joining BRICS. Already there are Brazil, Russia, and India. China Other countries include South Africa, the UAE, Saudi Arabia, Ethiopia, Egypt, and Iran.
“Recently, the Russian foreign minister Sergey Lavrov told his Nigerian counterpart, “Moscow sees Nigeria as a priority partner on the African continent.” You should know that this is a strategic economic relationship statement.
“My only concern is the potential backlash from the US towards Nigeria.” Today, Nigeria benefits from the US, China, Russia, and the KSA.
Akande enumerated the potential benefits for Nigeria, saying it will reduce the overdependence on the US dollar.
Nigeria holds a strategic position in the world, making it the most significant political and economic power in West Africa. She wills considerable power. Nigeria must be dynamic in its diversification, not limited to a specific direction for development.
“It will help to maintain internal stability and ensure global economic growth.
“It will also help Africa become a global food basket by improving food security at lower costs and achieving a carbon-free economy.”
“BRICS members have agreed to extend their support for an African Continental Free Trade Agreement. This will enhance the value of political stability on the African continent and ensure sustainable development.
Akande emphasised the significance of Nigeria joining BRICS, stating that BRICS is a partnership for mutually accelerated growth, sustainable development, and inclusive multilateralism.
The BRICS’ primary goal is to reduce or eliminate reliance on the US dollar and accelerate the process of de-dollarization in global trade. As you are aware, the BRICS have established a New Development Bank, and moving away from the dollar is a wise decision, despite the significant challenges involved.
“Realising China is a major bilateral creditor to Nigeria, and it is important for Nigeria to join BRICS.” In September 2018, Nigeria signed a $328 million loan with China to significantly boost the development of telecom infrastructure.
“Remember, China provided the financing for the Abuja-Kaduna railway, Abuja Metro light rail, Abuja and Port Harcourt Airport terminals, and many more. The Kingdom of Saudi Arabia, under the auspices of the Islamic Development Bank, is also financing some road projects through the Sukuk. Saudi Arabia and the UAE are now part of the BRICS. As a result, the group, which currently includes 11 countries as of January 2024 and continues to grow, will soon be known as BRICS+.
Remember, former President Olusegun Obasanjo once stated, “In our assessment, China should lead the world in the twenty-first century.” And when you are leading the world, we want to be close behind you. We don’t want to fall behind as you journey to the moon.
