By Uche J. Udeka
The BRICS bloc—comprising Brazil, Russia, India, China, and South Africa —has evolved into a powerful force in international affairs, challenging the dominance of Western powers in global finance and politics. As global dynamics shift towards a multipolar order, BRICS seeks to promote economic and political cooperation independent of Western institutions like the G7, International Monetary Fund (IMF) and the World Bank. In recent years, BRICS has actively sought to expand its membership, and Nigeria’s inclusion plays a strategic role in achieving the group’s objectives.
The latest BRICS Summit, held from October 22-24, 2024, in Kazan, Russia, focused on strengthening multilateralism and expanding economic cooperation within the group. The summit welcomed new members: Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, growing BRICS into a major force representing about 45% of the global population. The summit proposed creating a BRICS grain-trading exchange to offer alternatives to Western-dominated agricultural markets, highlighting Russia’s role as a top global wheat exporter. This will represent global south interests and enhance collective resilience against external pressures.
Membership will provide Nigeria with greater global influence by positioning it alongside other emerging economies. Within BRICS, Nigeria could amplify its voice on international issues, advocating for policies that reflect the interests of developing countries, particularly poverty reduction, climate change, and trade reform. Nigeria could reduce its dependence on Western financial and political institutions, allowing for more diversified partnerships. This strategic pivot could make Nigeria less vulnerable to Western economic fluctuations and pressures, enhancing its autonomy on both the regional and global stage.
BRICS membership will support Nigeria’s economic growth, trade expansion, and global positioning, while providing it with new resources and partnerships for sustainable development. Let’s explore the aims of BRICS in countering Western influence and examine why Nigeria and the African continent’s participation is vital.
Reshaping Global Power Structures: Establishing Financial Sovereignty
One of BRICS’ primary goals is to reduce dependency on Western financial institutions, such as the IMF and the World Bank, which often attach stringent conditions to loans for developing countries. BRICS created the New Development Bank (NDB) to provide alternative financing for infrastructure and development projects. The NDB aims to operate without the political conditionality that has often accompanied Western loans, giving emerging economies greater control over their development agendas.
De-dollarization of Global Trade
BRICS is working to reduce the global reliance on the US dollar in trade and finance. The dollar’s dominance allows the United States to exert significant influence over international markets through sanctions and monetary policies. By promoting trade in national currencies and creating financial frameworks such as cross-border payment systems, BRICS aims to weaken the West’s control over the global economy. Nigeria stands to gain so much given the present high and fluctuating dollar exchange rate.
Promoting a Multipolar World Order
Politically, BRICS advocates for a multipolar world where power is distributed among several major actors rather than being concentrated in the West. This vision challenges the post-Cold War unipolar order dominated by the United States and its allies. BRICS members often take positions at odds with Western countries in key international forums, such as the United Nations, emphasizing respect for sovereignty and non-interference in internal affairs.
Driving South-South Cooperation
BRICS also emphasizes South-South cooperation—the exchange of resources, technology, and knowledge among developing countries. This cooperative model seeks to empower nations in the Global South and reduce their reliance on Western aid and expertise. The group promotes inclusive development and joint efforts to address global challenges such as climate change and food security.
Leveraging on Africa’s Strategic Importance
Africa holds enormous strategic value due to its natural resources, including minerals critical to technology and renewable energy sectors, such as cobalt, lithium, and rare earth elements. The continent also represents one of the world’s fastest-growing consumer markets and a young, dynamic population. Including more African countries in BRICS ensures the bloc has a stronger foothold in the resource and trade networks essential to the global economy. Many African countries remain heavily reliant on Western development aid and foreign direct investment, which often come with political strings attached. BRICS offers Africa an alternative pathway to financing and economic growth, helping the continent reduce dependency on Western powers and exercise greater autonomy in shaping its future.
Addressing global inequality and injustice
Africa’s voice has been historically marginalized in global governance institutions. The inclusion of South Africa in 2010 was in recognition of the continent’s importance, but it is not enough. Expanding BRICS to include other influential African nations like Nigeria ensures that the bloc reflects the diversity of the Global South and strengthens the push for reforms in institutions like the UN Security Council and the IMF, where African representation is limited.
Building a Counterweight to Western Narratives
Nigeria and other African countries’ participation in BRICS can help counter Western narratives on issues such as global trade, development policies, and climate change. By aligning with BRICS, African countries can advocate for solutions that prioritize their unique needs rather than accepting one-size-fits-all policies dictated by Western powers. This alignment can lead to more equitable trade agreements, fairer access to technology, and shared solutions for environmental challenges.
BRICS will create a more balanced global order by reducing Western dominance in finance and politics, promoting financial sovereignty, and fostering South-South cooperation. As the group seeks to expand, Africa’s inclusion is essential—not only to ensure the bloc’s legitimacy but also to provide African countries with new avenues for growth and autonomy. By becoming more integrated into the BRICS framework, Nigeria and other Africa countries can strengthen their voices on the global stage and play a critical role in the emerging multipolar world.