Nigeria, Africa’s largest economy and most populous nation, stands at a pivotal moment in its history. Decades of relationships with Western powers have left the country trapped in a cycle of exploitation and underdevelopment, raising questions about the value of maintaining the status quo. As the BRICS bloc (Brazil, Russia, India, China, and South Africa) expands, Nigeria has an opportunity to realign its foreign and economic policies by joining this emerging global power structure. Such a move could help Nigeria break free from Western dominance and unlock its potential for sustainable development.
Since gaining independence from Britain in 1960, Nigeria’s ties with Western powers have been characterized by dependency and exploitation. Financial institutions like the International Monetary Fund (IMF) and the World Bank have imposed stringent policies that prioritize debt repayment and market liberalization over domestic development. Structural Adjustment Programs (SAPs) in the 1980s and 1990s led to privatization, subsidy removal, and currency devaluation, which plunged millions into poverty and stifled industrial growth. The exploitation of Nigeria’s natural resources, particularly oil, has further entrenched this dependency, with foreign corporations reaping profits while local communities suffer environmental degradation and social unrest.
Western powers have also played a significant role in entrenching poor governance in Nigeria. During the Cold War, Western governments supported military regimes in Nigeria to safeguard their strategic interests, often turning a blind eye to corruption and human rights abuses. Even in the post-Cold War era, Western governments have continued to overlook governance issues in Nigeria as long as their economic and strategic interests are protected. Despite Nigeria’s strategic importance, the West has consistently failed to invest in its human capital, neglecting the education and healthcare sectors while focusing on debt servicing. Energy infrastructure, crucial for industrial development, has also been underfunded, leaving Nigeria plagued by power outages and reliance on expensive fuel imports.
In contrast, BRICS offers a model of cooperation based on mutual benefit. China, the most prominent BRICS nation, has significantly invested in African infrastructure through its Belt and Road Initiative (BRI). Nigeria has already benefited from Chinese investments in railways, roads, and power plants, which have improved the country’s infrastructure. Joining BRICS could provide Nigeria with alternative funding sources, reducing its vulnerability to fluctuations in global commodity prices and currency devaluation. Moreover, BRICS membership would enable Nigeria to attract more investments from fellow BRICS nations, keen to access its vast market and natural resources.
One of the most glaring examples of Nigeria’s stalled development is the Ajaokuta Steel Mill. Conceived in the 1970s as the centerpiece of Nigeria’s industrialization efforts, the project remains incomplete due to mismanagement, corruption, and lack of funding. Joining BRICS could provide the necessary support to complete this project, revitalizing Nigeria’s industrial sector, creating jobs, and reducing dependence on imports of industrial products. The successful completion of Ajaokuta would symbolize the potential of South-South cooperation.
By aligning with BRICS, Nigeria would assert its economic sovereignty, reducing reliance on Western financial institutions. This move would enhance Nigeria’s leadership position in Africa, particularly within the African Continental Free Trade Area (AfCFTA). As Africa’s largest economy, Nigeria’s BRICS membership would signal a shift toward a more multipolar world order, where developing countries have greater control over their economic destinies. Moreover, Nigeria’s participation in BRICS could encourage other African nations to join, strengthening the continent’s collective bargaining power on the global stage and leading to more equitable trade agreements and better access to technology and innovation.
Understandably, President Bola Tinubu faces significant challenges in deciding whether Nigeria should align itself with BRICS. The country’s longstanding relationships with Western powers have been central to its foreign and economic policies. A decision to join BRICS, a bloc that seeks to challenge Western dominance, could strain these relationships. Economically, Nigeria is heavily dependent on loans and financial assistance from Western-dominated institutions, which have often come with restrictive conditions prioritizing creditor interests over those of the Nigerian people. Moving toward BRICS would offer more flexible funding options, freeing Nigeria from these constraints, but it also risks destabilizing the financial lifelines currently supporting the economy, which is under severe strain from rising inflation, unemployment, and a depreciating Naira.
The decision to join BRICS is further complicated by Nigeria’s complex political landscape. Various interest groups have differing views on aligning with BRICS, and the economic downturn has heightened these divisions. Any significant foreign policy shift would require extensive consultation with the National Assembly and other stakeholders, potentially delaying or complicating the decision-making process.
Not joining BRICS could result in Nigeria missing out on significant economic opportunities. BRICS countries, particularly China and India, are heavily investing in infrastructure and development projects across Africa. Nigeria could benefit from these investments, crucial for revitalizing its economy and completing key projects like the Ajaokuta Steel Mill. Additionally, BRICS membership could provide more favorable trade terms and access to alternative funding sources, essential as Nigeria grapples with its current economic challenges.
Remaining outside BRICS would leave Nigeria trapped in a cycle of dependency on exploitative Western financial institutions, hindering its ability to pursue independent economic policies. By staying out of BRICS, Nigeria risks diminishing its influence in Africa and missing an opportunity to play a leading role in shaping regional economic policies, especially as other African countries like Egypt and Ethiopia have already joined the bloc.
The decision on whether Nigeria should join BRICS is one of the most critical foreign policy challenges facing President Tinubu. It requires balancing maintaining vital Western relationships with seizing new opportunities for economic growth and independence. The downsides of not joining BRICS include missed opportunities for economic revitalization and continued reliance on Western-dominated financial systems, which may not serve Nigeria’s long-term development goals. However, the potential geopolitical risks and internal political complexities make this decision a challenging one, with far-reaching implications for Nigeria’s future.
Chima Nnadi-Oforgu
Duruebube Uzii na Abosi
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