The 2024 BRICS summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” became a landmark event in the quest for global economic balance and efforts to bridge the financial divide between the Global North and South. The summit reinforced a vision of multilateralism as a sustainable pathway to global development and security, contrasting sharply with the unipolar dominance of Global North-controlled financial institutions like the World Bank, IMF, G20, and G7. With an agenda centered on shared prosperity and equality, BRICS aims to create a future in which member states are equal partners in an inclusive and fair global economy.
A highlight of the summit was the admission of 13 new countries, including Nigeria, Thailand, Turkey, Uganda, Uzbekistan, Vietnam, Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, and Malaysia, as BRICS “partners.” This move aligns with Nigeria’s evolving foreign policy under the 4Ds Doctrine, which emphasizes democracy, development, demography, and diaspora engagement. In November 2023, Minister of Foreign Affairs Ambassador Yusuf Tuggar hinted that Nigeria would join BRICS when the time was right. With Nigeria’s official inclusion, that moment appears to have arrived, fulfilling the aspirations of many Nigerians who have long called for the country’s participation in the economic bloc. This shift resonates with growing skepticism toward Western-controlled financial institutions, which some believe fail to serve the interests of developing nations.
Among the key outcomes of Nigeria’s membership is the inclusion of Nigeria’s national colors, Green-White-Green, on the newly introduced BRICS currency. Nigeria’s name also appears in Hausa as *Jamhuriya Tarayyar Najeriya*, or the Republic of Nigeria. While some critics have questioned the choice of Hausa over English as the official language, this minor controversy does not diminish the significance of Nigeria’s increasing global prominence and its recognition as a key player in the progressive rethinking of the Global South’s role in the global economic landscape. Nigerians now have an opportunity to support and embrace Nigeria’s ambitions to influence global economic policy as it takes on a more substantial role in international affairs.
Notably, Nigeria’s inclusion in BRICS makes it the only West African country within the bloc, underscoring Nigeria’s leadership role in the region and its strategic significance as a major African economy. Nigeria’s participation in BRICS symbolizes the West African subregion’s entry into the global economic discourse, as Nigeria has consistently advocated for African unity and development. This leadership role is evident through Nigeria’s ongoing contributions to regional peace and economic growth, particularly as it currently chairs the Economic Community of West African States under President Bola Tinubu. Nigeria’s inclusion reassures smaller African nations that their voices will be represented on the global stage.
For Nigerians, this moment calls for recognition of the positive shifts in Nigeria’s foreign policy and international standing under Ambassador Tuggar’s stewardship. Although economic challenges are prevalent domestically, largely due to the Tinubu administration’s macroeconomic reforms aimed at sustainable growth, Nigerians can take pride in the gains being made on the global front. Support for these developments can help bolster Nigeria’s image abroad and solidify its newfound role.
In conclusion, Nigeria has consistently called for the reform of global financial institutions and the United Nations Security Council to better represent the aspirations of the Global South. The exclusion of developing countries from key decision-making forums has contributed to underdevelopment, inequality, and insecurity worldwide. For a truly prosperous global future, financial institutions and international bodies must begin to recognize the rights and perspectives of the developing world.
In this context, BRICS emerges as a transformative force, championing the collective aspirations of nations marginalized by the dominance of Western-led institutions that often prioritize the interests of wealthier countries. Nigeria’s membership in BRICS thus serves as a symbolic milestone, representing an alternative pathway to a more equitable global system.
This article is sourced from The Punch newspaper, with minor edits and adaptations by The Spectacles for clarity and readability.
