Daily Trust Editorial of Thursday November 7, 2024
The 16th Brazil, Russia, India, China and South Africa (BRICS) summit took place recently in the city of Kazan, Russia with an enlarged compliment of countries attending as new members and observers. Egypt, Iran, United Arab Emirates and Ethiopia attended as new members following their accession at the last summit in South Africa. Also at the meeting were a host of countries and global institutions including the United Nations led by Secretary-General Antonio Guterres, which signifies the growing influence of the organisation across the world. Nigeria was added as one of the 13 partner countries to the organisation at the summit.
At the Kazan BRICS summit, which theme was: “Strengthening Multilateralism for Fair Global Development and Security”, members agreed to introduce a payment system called BRICS Pay to facilitate transactions and exchange of financial information between central banks of partner countries, which will serve as alternative to the Western Interbank System, SWIFT.
The BRICS nations also endorsed the call for the reform of the United Nations and the Security Council, as well as the creation of the State of Palestine under the two-state solution.
By all indications, the Kazan BRICS summit and the resolutions present positive signs for Nigeria in terms of expanding the scope of its international engagements, especially in these challenging economic times.
With the entry of Egypt and Ethiopia, added to South Africa, Africa now has three countries in the organisation. As emerging African economies, these countries face similar challenges similar to those of Nigeria in their bid to resolve existential issues of economic development. In a world where new centres of economic and political powers are emerging, Nigeria must also key into these developments in order to participate in shaping the future of the world. Nigeria should, therefore, see the invitation to partner with the BRICS as a recognition of its strategic importance to the ongoing efforts by a growing number of countries to reshape the world. The principle of no permanent friends but permanent interests, which guides the foreign relations of most countries, must come to play here.
In this regard, it behoves on President Bola Ahmed Tinubu to take full advantage of this invitation by the BRICS, especially as the administration is seeking pathways to economic transformation of the country. Of the resolutions reached at the BRICS summit, a particular point to note is the BRICS Pay system, which seeks to provide an alternative payment system in global finance and trade. This is certainly one of the avenues that Nigeria can utilise to diversify its global financial and trade relations.
But while the invitation to partner with the BRICS is a sign of good development, it also comes as a challenge to Nigeria’s commitment to good governance. It is instructive that the members of the BRICS and most of the partner countries of the organisation have reached remarkable levels of socio-economic development, which they can hold up to the world as evidence of good governance. Indeed, it is without doubt one of the reasons why sister African countries like Egypt and Ethiopia could make it to become full members of the organisation. We must show an agenda that demonstrates serious commitment to economic development, resolving insecurity, poverty and hunger as well as transparency and integrity in our governance system, both internally and externally.
Blessed with abundant human and natural resources and located in a geo-strategic position, Nigeria has been looked upon for a long time as leader of Africa. For some time, Nigeria had actually striven to fulfil this manifest destiny through its appreciable economic development strides and robust foreign policy engagements. But over a few decades now, this expectation of Nigeria had been regressing as a result of untoward happenings in our political and economic spheres. Thus, the opportunities that used to come to Nigeria to play its leadership role in Africa on global issues have been receding to the point where we no longer command the respect of fellow African countries as we used to.
Accordingly, we call on President Tinubu to use the opportunity provided by the invitation to be a BRICS partner country to rejuvenate our well known robust foreign policy posture. In this regard, we note that more than a year since the current administration came into office, Nigeria as yet does not have full ambassadorial representation in our various diplomatic missions abroad. For a country desiring to project its importance and status on the global stage and seeking economic and political partnerships for development, this is hardly the way to achieve the desired outcome. Countries and global institutions like the BRICS that desire to engage with us constructively on mutually beneficial issues would likely not take us serious if the current situation persists.
Although our international engagements have lost the fervour, we still enjoy considerable respect from countries and institutions that are not ready to write Nigeria off yet. Accordingly, we must work to demonstrate enough resolve that indeed, Nigeria is ready to repose the confidence that the world used to repose in it. The invitation to partner with the BRICS is one of such opportunities, which we should accept promptly and pursue with a well-structured agenda that will take us to full membership of the organisation.
