Available information about countries that have declared interest and applied to join BRICS indicated that Nigeria has applied to join the economic bloc. In an interview with an Indian news channel, WION, in March 2023, South Africa’s Foreign Minister, Naledi Pandor revealed that Nigeria was among the 12 countries that had applied to join the economic alliance.
Under Russia’s presidency in 2024, BRICS, which is an informal association consisting of Brazil, Russia, India, China and South Africa, and together with its new five new members, is being discussed beyond measure, most often focusing on its expansion and as a mechanism for uplifting the Global South. By strategically forging new alliances, for instance, African members can unlock their individual and collective potential on the global stage.
Long before that, critics have argued and considered BRICS as a tool to counterbalance western hegemony, re-configurate away from the unipolar world, away from the control and domination of United States. Now emphasis is also laid on supporting Asian and African countries to have a strong voice on the global stage. As a result, many African countries, expecting tremendous economic benefits, have lined up to join prestigious BRICS. It has currently Ethiopia, Egypt and South Africa.
Reuters, African News and Africa Business Daily are among the foreign media that reported that over 40 countries have expressed interest in joining the group, including Algeria, Angola, Burkina Faso, Mali, the Democratic Republic of Congo, Comoros, Gabon, Kenya, Morocco and Nigeria as well as Zambia. Russia’s Foreign Ministry has indicated that interested countries can join by concensus at the next summit. BRICS promises enormous support for their confrontation against Western hegemony.
BRICS is currently discussed in the context of its prospects for cooperation with countries of the Global South. This step represents an important stage in the further development and strengthening of the BRICS position on the world stage. Several experts urged Nigeria to join BRICS, and that “Nigeria joining this association is a gateway to boost its influence around the world, no doubt about it. This is based on the abundant human and natural resources to leverage on in the country.” It was at a one-day summit on BRICS themed ‘BRICS+ and Global South: Problems and Prospects’ organized by Upriver Needy’s Empirical Solution Centre (UNESCO), Foundation in partnership with the Universal Migration Enlightment Centre (UMEC) in Abuja, Nigeria.
In terms of trade and what Nigeria stands to benefit, a Fellow at the Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences, Professor Maurice Okoli, explained that BRICS partnership would allow nations to trade among themselves with their local currency without the restrictions of a single currency, the dollar for international transactions.
Professor Okoli, who is also a fellow at the North-Eastern Federal University, Russia, said that the global powers, especially the G7 countries were seen to have not done well after the second world war but emergence of BRIC, now BRICS+ offers a better option to developing nations in terms of economic development and in terms of trade.
Speakers at the summit generally noted that BRICS would emerge as a major economic power to counter the G7, hence joining the bloc held immense benefits for member countries. The experts, in their speeches, emphasized the undeniable importance of the desire of African countries for sovereignty and independent development. With rich resources and a growing consumer market, Africa provides countless opportunities for investment and comprehensive cooperation.
Available information about countries that have declared interest and applied to join BRICS indicated that Nigeria has applied to join the economic bloc. In an interview with an Indian news channel, WION, in March 2023, South Africa’s Foreign Minister, Naledi Pandor revealed that Nigeria was among the 12 countries that had applied to join the economic alliance.
Some researchers often say BRICS offers African countries the potential for increased economic cooperation through fostering cross-border trade, investment, and technology transfer. This partnership can foster sustainable industrial development, promote job creation, and foster innovation, ultimately contributing to Africa’s long-term economic growth. By joining BRICS, African countries can tap into resources and economic opportunities of wealthy members, while other fear begging-bowling African countries will display their over-reliance by aligning with BRICS.
At the end of the XV BRICS summit in South Africa from 22-24 August 2023, the joint statement and communique called for reforms within the International Monetary Fund (IMF), World Bank and other global financial institutions. Those collective heightened criticisms and intense debates over restructuring of the global economic architecture shifted blames to the wealthy nations. Records show that wealthy nations have provided support to debt-saddled developing countries, and helped many vulnerable nations to deal with poverty and aspects of economy development. In some cases, funds for development ventures have been misappropriated by African politicians.
In order to address this disparity, BRICS established the New Development Bank (NDB) to undertake similar functions as IMF and Bank. The BRICS’s (NDB), for now focuses on assisting its members, and consequently put developing countries on its waiting agenda. But in an idealistic view of South African based independent researcher, Dr. Seife Tadelle Kidane, the African continent stands at a crossroads amid the geopolitical changes.
“Traditional development models often prescribed by international institutions have frequently fallen short in addressing Africa’s unique socio-economic context. The continent must challenge conventional wisdom and embrace innovative approaches that prioritize the needs and aspirations of its people. This entails moving away from a one-size-fits-all approach towards tailored solutions that are context-specific and culturally relevant,” he wrote in Opps article titled “Rethinking Africa’s Development Strategy” in March 2024 in The Reporter Ethiopia.
According to him, as Africa undertakes the reassessment of its development strategy, it is crucial to recognize and address the diverse threats and opportunities that shape its trajectory. By tackling challenges such as political instability, governance weaknesses, and economic vulnerabilities, while harnessing opportunities like demographic dividends, regional integration, and technological innovation, Africa can chart a path towards sustainable development, resilience, and prosperity for all its citizens.
The researcher indicated that fragmentation and the lack of connectivity hinder Africa’s integration into the global economy. It is vital for unlocking the continent’s economic potential. Removing trade barriers, harmonizing regulations, and investing in cross-border infrastructure facilitate the creation of larger and more competitive markets, benefiting producers and consumers alike.
Dr. Seife Tadelle Kidane, seemingly, suggested that in addition of racing to join new emerging association such BRICS, there is equally the necessity advocating for initiatives like the African Continental Free Trade Area (AfCFTA) and promoting stakeholder participation can advance regional integration. Additionally, empowering young women entrepreneurs and leaders and advocating for the unrestricted movement of goods and people across Africa align with the principles of Pan-Africanism and the African Renaissance.
Next in line is another criticisms that could, more or less, feature as weakness from the combined sociological and cultural facts presented in mid-March 2024 by Jude Osakwe, a professor at the Namibian University of Science and Technology (NUST), focusing on BRICS+ and the Global South collaboration. He explained that BRICS+ has the potential to drive significant economic growth and development in the region. However, there are also challenges that must be addressed in order to fully realize the potential benefits of this collaboration with the Global South.
One of the key problems facing BRICS+ and the Global South collaboration is the diversity of the countries involved. While this diversity can be a source of strength, it can also create challenges in terms of aligning priorities and interests. Differences in political systems, economic structures, and cultural norms can make it difficult for countries to work together effectively. Additionally, the members of BRICS+ vary significantly in terms of their level of economic development and political influence, which can further complicate efforts to create a cohesive alliance.
Despite the challenging arguments, Prof. Jude Osakwe, however concluded that BRICS+ and the Global South collaboration has the potential to drive significant economic growth and development in the region. However, in order to fully realize these benefits, member countries must address the challenges of diversity, power dynamics, and unequal distribution of resources. By prioritizing dialogue, transparency, and mutual respect, these countries can build a stronger and more effective alliance that can positively impact the lives of millions of people in the Global South.
Nevertheless, with many developing countries racing to join BRICS is an explicit indication of the association importance in the emerging multipolar world. It also demonstrates that the regional processes will inevitably be accompanied by the revival of the global process. In this broader context, African countries can tremendously gain from the association, and this trend reflects a growing awareness and profound interest among Africans to join. BRICS can play a harmonising and unifying role in this. Of course, it takes great diplomatic skill to bring them together, according to views often amplified by Russian Foreign Minister Sergey Lavrov.
Quite recently on March 28, in an interview with Izvestia Multimedia Information Centre, Sergey Lavrov underlined thus: “We are preparing to introduce a new status, partner countries, at the next summit. About 30 countries are standing in line. The BRICS association has acquired a global dimension not only in terms of its agenda and geography – it represents nearly all the main regions – but also by the number of countries. This is the development paradigm of diplomacy today. Globalization, which the Americans forced on everyone based on their own rules, has shown that nobody can set it hopes or rely on the United States.”
Russian Deputy Prime Minister Alexey Overchuk also noted at the Boao Forum, which was established by the Chinese government in 2001, that BRICS as a platform for multisided cooperation with the participation of countries of the Global South. “BRICS may virtually become a platform where countries of the Global South will be taking decisions, expressing their views,” he said at the Boao Forum for Asia as he commented on the prospects of cooperation between members of the integration and other states. “And Russia’s presence in particular will ensure interdependence, which is necessary for our joint development relying on the principles of consensus and mutual respect,” the official stressed.
In the meantime, Russia is chairing the BRICS association this year and spearheading a number of significant initiatives and activities focusing on youth, women, culture and sports. These have practical far-reaching implications, signaling the dawn of a new era. BRICS stalwarts, particularly China and Russia, are more active contributing towards global stability and security in collaboration with other international organizations including the United Nations.
Further, China and Russia are generally playing that key role in shaping a multipolar world order. But for Africa, the geopolitical changes explicitly underscore the basic fact to prioritize the principle of strengthening an African agency and the task of finding adequate solutions to African problems. It has the capacity and resources for this, and to scale concrete policy solutions for the continent. The population estimated at 1.4 billion people, the teeming youth badly needs employment, and the entire continent to attain food security.
According to the records, Ethiopia and Egypt (Africa), Iran, Saudi Arabia and the United Arab Emirates became full-fledged members of BRICS on January 1, and thus strengthening its numerical strength of the original members Brazil, Russia, India, China and South Africa. The BRICS, established in 2006, first expanded in 2011, when South Africa joined the four founding nations of Brazil, Russia, India and China. The 2024 BRICS (Brazil, Russia, India, China and South Africa) summit will take place in Kazan, capital of the Republic of Tatarstan.