Nigeria’s BRICS Partnership: Opportunities and Challenges

Nigeria, Africa’s largest economy and most populous nation, has officially become the ninth partner of BRICS, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Uzbekistan and Uganda. Nigeria’s admission under Brazil’s presidency aims to reinforce South-South cooperation and accelerate global governance reform.

Established in 2009, the BRICS alliance seeks to counterbalance the G7 offer an alternative to the US dollar dominance.

Several BRICS nations already play a significant role in Nigeria’s economic and infrastructural development. As a key partner, China has heavily invested in Nigeria through the Belt and Road Initiative. Major projects include the Lagos-Ibadan Railway (completed in 2021) and the Lekki Deep Seaport.

Nigeria has also entered extensive raw material agreements with China and is deepening military and economic ties to enhance security in the Sahel region and the Gulf of Guinea. With Russia, Nigeria signed in 2021 the Military Technical Cooperation Agreement to boost defence collaboration. In March 2024 Abuja revoked its military cooperation agreement with the USA and in April Russian instructors arrived to provide assistance. The two nations also maintain strong trade relations and engage in nuclear cooperation through agreements between Rosatom and the Nigeria Atomic Energy Commission. Educational ties have also been strengthened, with Nigerian students receiving scholarships to study in Russia.

Nigeria’s BRICS partnership presents significant strategic benefits. Firstly, this partnership enhances Nigeria’s standing as one of the few African nations within a major economic bloc, elevating its geopolitical influential power at African organisations. It also grants access to the New Development Bank, providing funding for infrastructure and development projects. In addition, the partnership grants Nigeria with the possibility to strengthened bilateral relations with other BRICS nations and gain access to technological expertise.

Despite these advantages, Nigeria’s partnership with BRICS also presents challenges. Future project investments in Nigeria could exacerbate the trade deficit the country has with China and Russia. Moreover, Nigeria’s alignment with BRICS may create tensions with its traditional Western partners. The United States remains Nigeria’s largest foreign investor, with significant investments in petroleum, mining and counterterrorism operations. Nigeria’s participation in BRICS could also complicate its relationships with Western-led financial institutions such as the International Monetary Fund (IMF) and the World Bank.

While the BRICS partnership offers opportunities for trade, investment, and technology transfer, Nigeria must navigate the delicate balance of fostering relationships with both BRICS nations and traditional Western allies. The potential for increased economic cooperation with BRICS members could help Nigeria address its infrastructure deficits and stimulate growth, but it also raises concerns about dependency on non-Western powers and the implications for its economic sovereignty.