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The quest for global economic equilibrium amongst the world’s countries and the struggle to bridge the financial divide between the Global North and South permeated the 2024 BRICS summit which focused on “Strengthening Multilateralism for Fair Global Development and Security.” The summit once again reinforced the call for multilateralism as the pathway to global development and security as opposed to the bipolar system propagated by the Global North-controlled financial institutions like the World Bank, International Monetary Fund, G20, and G7 respectively. BRICS promises a future of shared prosperity and economic parity centred on the mutual aspirations of its member states as equal partners in the pursuit of an egalitarian world in which nations have a true sense of belonging.
The highlight of the summit was the admittance of new countries into the fold of the emerging economic power block. BRICS added 13 new member countries including Nigeria, Thailand, Turkey, Uganda, Uzbekistan, Vietnam, Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, and Malaysia as “partners”. Followers of Nigeria’s new policy thrust premised on the 4Ds Doctrine which is focused on the promotion of democracy, development, demography, and diaspora would recall that in November 2023, the Minister of Foreign Affairs, Ambassador Yusuf Tuggar had disclosed that Nigeria would join the economic bloc at the right time. Perhaps the right time has come now that Nigeria has been officially declared as one of the new partner countries of the organisation. This development also aligns with many Nigerians’ persistent call for Nigeria’s inclusion in the economic bloc, especially, considering the growing apathy towards the Western-controlled financial institutions which, some believe, do not represent the interests of developing nations of the world.
Similarly, the newly launched BRICS currency bears the emblem of its member countries including Nigeria’s national colour, the Green-White-Green. Nigeria’s name also appears on the currency in Hausa as Jamhuriya Tarayyar Najeriya which translates in English as the Republic of Nigeria. However, many commentators have raised concerns over the preference for Hausa rather than English as the official language of Nigeria. While these concerns may not be unfounded given the plurality of Nigeria and the sentiments that often override objectivity in public discourse, the onus of explaining the rationality for the adoption of Hausa rests squarely with BRICS. This reality, however, does not overshadow the significance of Nigeria’s changing global perception and acceptance into the fold of progressive nations who are rethinking the role of the Global South in repositioning the global economic dynamics for a more prosperous world. Nigerians should embrace and support Nigeria’s drive to become a major player in global economic politics and should consolidate on the emerging realities of its global acceptability in the face of evolving power dynamics.
It is also imperative to note that Nigeria is currently the only West African country admitted into the fold of BRICS. The symbolic importance of this inclusion cannot be lost on the polity and indeed on the West African sub-region. It is an affirmation of Nigeria’s leading role in the region as well as its strategic position as a major economic player in Africa as a whole. Nigeria’s presence in BRICS will assure smaller African countries of parity in the evolving global economic discourse as Nigeria’s foreign policy thrust is premised on the promotion of Africa’s unity and development as can be attested to by Nigeria’s leading role in advocating for peace and economic development of the continent over the years. The West African sub-region, in particular, couldn’t be prouder of a better representative than Nigeria whose big brother role continues to ensure the collective peace and prosperity of the region through its leadership of the Economic Community of West African States, which is currently being chaired by President Bola Tinubu.
Thus, Nigerians, more than anyone else, must recognise the positive outcomes of Nigeria’s current foreign policy pursuits and international relations being led by Tuggar. Nigeria’s global image and perception are changing but this change can only be consolidated when Nigerians support and promote the gains being recorded. It is easy for the gains being achieved to be swept under the carpet in the face of the economic hardship being experienced in the country as a result of the macroeconomic policies of President Tinubu’s administration, which are geared towards repositioning the economy for sustainable economic development for Nigerians.
In conclusion, Nigeria has remained consistent in calling for the reform of the world’s financial institutions and the United Nations Security Council to accommodate the aspirations of the Global South countries whose marginalization and exclusion from key decision-making institutions of the UN has fostered less desired development, inequality, and insecurity in many parts of the world. If the world must transform into a prosperous future that will ensure the collective advancement of humanity, global financial institutions and critical decision-making bodies must acknowledge the rights of the people of the developing world whose voices must matter in the decisions that affect their lives and development.
Thus, BRICS serves as an alternative global game changer driven by the desire to represent and express the collective aspirations of the people of the world currently at the margin of hegemonic powers of the West-led organisations that prioritise the interest of the West. This summarises the symbolic imperative of Nigeria’s representation in BRICS.
Paul Liam is a strategic and development communication specialist and public affairs analyst. He writes from Abuja, Nigeria.
