According to Professor Eghosa Osaghae, Director General of the Nigerian Institute of International Affairs, BRICS represents a beacon of hope for nations within the Global South. In an interview with Sputnik Africa, Osaghae emphasized that the bloc embodies the ambitions and aspirations of these countries, advocating for inclusivity, stability, justice, and fairness on the global stage.
Osaghae pointed out that the current multilateral world order, dominated by the United States and its Western allies, is in dire need of reform. The existing framework, built around the United Nations and the Bretton Woods institutions, fails to adequately represent the interests of Global South nations. He argued that meaningful reforms can only be achieved if these countries engage more actively in global governance, making BRICS an essential platform for change.
“BRICS addresses significant global issues, particularly exclusion, injustice, and equality,” Osaghae stated. He highlighted Nigeria’s interest in joining the bloc as an opportunity to foster fair trade, enhance investment, and gain support in combating terrorism. The potential membership aligns with Nigeria’s desire for a more equitable global trading system.
The bloc, comprising Brazil, Russia, India, China, and South Africa, has increasingly positioned itself as a counterweight to Western dominance. With the recent inclusion of new members like Egypt, Iran, and Saudi Arabia, BRICS aims to expand its influence and offer a collaborative framework for emerging economies. This expansion aligns with Nigeria’s goals, as the country seeks to enhance its regional influence and secure a more significant role in global decision-making.
Additionally, Osaghae noted the interconnectedness of de-dollarization and de-globalization, trends that are increasingly relevant today. He posed a critical question: what alternative currency can facilitate trade and enhance economic cooperation among African nations? The idea of a BRICS currency has gained traction, potentially allowing member countries to conduct trade without relying on the U.S. dollar, thereby reducing vulnerability to external economic pressures.
In conclusion, Osaghae asserted that Africa seeks mechanisms that will ease and facilitate trade within the continent and beyond. As Nigeria eyes BRICS membership, it reflects a broader aspiration for a more inclusive and just global order that truly represents the voices of the Global South. The engagement with BRICS could provide Nigeria with the tools to address its internal challenges, such as economic instability and security issues, by leveraging collective bargaining power and resources from fellow member states.
