THE 16th BRICS summit was the first since the group transmuted from BRIC to BRIC+ following its expansion at the 15th Summit held in South Africa in August 2023. The Summit which was held from October 22 to 24,  2024, in the Tatarstan city of Kazan, Russia was themed: “Strengthening Multilateralism for Fair Global Development and Security”. The Summit formally welcomed into their fold five new members – Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, UAE.  

During the Summit, leaders and representatives from over 20 countries came together in what must have been an embarrassment to the West which has sought to turn Russia into a pariah state following its invasion of Ukraine in February 2022. Apart from the optics that the Russo-Ukraine war has not affected normal life in Russia, the Summit also passed a coded message that Russia still has powerful friends, especially in what is often called the Global South, despite the West’s attempts to isolate it over the annexation of Crimea in 2014 and the invasion of Ukraine in February 2022.

In line with its avowed objective of creating an alternative to the current Western dominated global and financial governance systems, the BRICS Kazan Declaration at the end of the Summit endorsed the reform of the United Nations Security Council and the full participation of the State of Palestine in the United Nations – contingent upon an agreement on the two-state solution.

The Declaration also agreed to explore the feasibility of creating an autonomous cross-border settlement and depository system, (away from the current Western-driven SWIFT system) as well as the possible utilisation of national currencies, payment tools, and platforms. There were also proposals for the invigoration of the group’s New Development Bank, NDB, which was established in 2014, with the aim of providing member countries with greater financial autonomy and resilience against external shocks.

For many Nigerians, the exciting news from the Summit was the announcement that Nigeria, along with 12 others –  were named partner countries to the BRICS+.  The other 12 were: Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

But what does it really mean to be a partner country to BRICS+?  While it is not clear what it means to be designated as a “partner country”, especially as the group does not have criteria to be met to qualify countries for membership –  as some supranational entities like the European Union do –   we can surmise that they are countries that have either applied to become members or are being considered for membership.  In the last expansion at the 15th Summit, geopolitical and strategic considerations seemed to be a key determinant of which countries were invited. For instance, the admission of Ethiopia, one of the fastest growing economies in Africa and the permanent seat of the African Union, was symbolic.

It was the same for Egypt, which connects Africa to the Arab world. Saudi Arabia joining BRICS means that the world’s largest crude oil exporter now finds itself in the same economic bloc as the world’s biggest oil importer, China. Also, both Russia and Saudi Arabia are members of OPEC+, a group of major oil producers. Similarly, the invitation to Iran, home to around a quarter of the Middle East’s oil reserves and which shares the burden of Western sanction with Russia, seems, again, to be carefully thought through, not just in terms of oil politics but also for its influence in the Middle East. It is not yet clear the strategic thinking behind the invitation of the 13 countries as partners besides the idea that the group wants to increase in size to be an effective counter weight to other groupings like the G20, which in September 2023, admitted the African Union as its 21st member.

In international politics, being located in a number of powerful supranational organisations, if well leveraged, is indicative of power. But can Nigeria leverage on this to regain the initiative it has since lost to countries like South Africa and Egypt? 

Nigeria has had a number of promises that were aborted. A clear example was in late 2013, when Jim O’Neil, the same Goldman Sachs analyst who created the BRIC acronym, popularised another one: MINT. MINT was a neologism referring to the economies of Mexico, Indonesia, Nigeria and Turkey. What was instructive about the four countries listed in the MINT club was that they were all members of the Next Eleven (also known as the N-11). The N-11 were eleven countries – Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, Turkey, South Korea, and Vietnam – identified by the same Jim O’Neill in a research paper on December 12, 2005, as having the high potential of becoming, along with BRICS, the world’s largest economies in the 21st century. MINT simply meant that Nigeria was given South Korea’s spot in MIKT. To add to the wave of Nigeria-optimism at that time, Filipino billionaire, Enrique Razon, was quoted as declaring during the closing activities at the World Economic Forum in Davos, Switzerland in 2014, that Nigeria was the best place to invest in that year. 

Essentially from 2005 (the Obasanjo years) until Buhari took over in 2015, the international optimism that Nigeria would be a breakout economy persisted. But in just eight years of the Buhari government, the optimism about Nigeria evaporated and the country became infamous for being pronounced the poverty capital of the World. Under the Tinubu government, the situation has grown worse. So including Nigeria as a partner country, for whatever it is worth, is another opportunity for the country to redeem itself.

To be able to leverage on this new designation, Nigeria needs to know clearly what it wants from the grouping. The sense of entitlement it exudes by calling itself the ultimate investment destination in Africa and literally cajoling potential investors to jump in or miss the train, is crude hubris. The fact that the President of the country globe trots in the name of seeking foreign investment contradicts that arrogant postulation because capital, by its nature, smells opportunity for accumulation and reproduction from a long distance, and therefore does not need to be cajoled or persuaded to come to invest.

Similarly, your population is no indication of your power or even the size of your market, especially a population where the overwhelming majority of the citizens suffer from multidimensional poverty. In the same vein, grandstanding about our oil lose sight of the fact that virtually every other African country is now an oil producer. Nigerians are hugely talented, resourceful and resilient. The world knows that, and what is needed are right policies that will help to unlock the creative energies of our people.  It is wrong when our leaders go outside the shores of the country, with a begging bowl on one hand, and hubris of being the next investment destination on the other.

So what should be Nigeria’s strategy as it seeks to become a full member of both BRICS+ and G21? We can take a cue from India. For instance, while India and China are powerful members of BRICS+, India is at the same time a member of the Quad, a strategic partnership with the United States, Japan, and Australia, whose primary, though unstated purpose, is to prevent Chinese hegemony in the Indo-Pacific.

India and China, each with 1.4 billion inhabitants, are engaged in fierce geopolitical rivalry in Asia—and, increasingly, globally, over which of the two is better positioned to serve as a natural leader of the Global South. They use the often overlapping organisations they are members of to promote their own agenda. But they command respect in whichever organisation they belong to primarily because of what they have been able to accomplish technologically.