Nigeria a republic in West Africa, gained independence from Britain in 1960 and is the most populous Black African country in the world. At independence in 1960, many people expected Nigeria to become Africa’s first superpower. Because Nigeria at that time had Africa’s largest population, a strong economy, a formidable political and cultural influence among the nations in the continent. The country is often called the "Giant of Africa." This name comes from the vastness of its land, the diversity of its peoples and languages, its oil and other natural resources. At that time Nigeria is one of the most important African nation politically and economically and it wilded considerable power and influence among many African nations. The reasons for Nigeria’s steep socioeconomic decline are as puzzling as they are obvious. 

According to Robert Ekat (Phd), Nigeria has maintained a 63-year-old relationship with the West — a connection it eulogises and almost romanticises. One wonders why Nigerian leaders cherish this relationship despite the country’s apparent disadvantage. Is Nigeria overly intertwined with the West, or is a valid alternative simply lacking? While choosing to overlook the darker aspects of colonialism, one could assert that Africa (particularly Nigeria) has sustained a relationship with Europe for over a century, suggesting that the relationship should have matured enough for Nigeria to reap its benefits. Robert further elucidate that, in international relations, relationships are guided by national interests, prompting countries to swiftly sever ties they deem exploitative or counter-productive. Hence, when a relationship surpasses the 50-year mark, international affairs analysts are bound to assess the dynamics that sustain such relationships. He opined that various economic blocs exist in the West where countries negotiate multilateral benefits for their respective nations. Among these are the G7, G20, and the Quad Alliance. Yet, Nigeria is not deemed worthy of inclusion in any of these groups. Nigeria, which despite its alignment to the West, has been under huge economic burden, infrastructure deficit and security challenges. 

Nigeria’s foreign policy seems to be witch-hunting the country in the international scene, as the country seeks the welfare of others at the expense of her interest. Nigeria’s foreign policy has been cued to favour her neighbours with its ‘Africa First’ thrust. As an acclaimed ‘Giant of Africa’, Nigeria has been selfless and generous in handling African affairs, even when her house is on fire. According to Wilfred Okwuosa, a History and International Relations lecturer, Nigeria lacks the understanding of the dynamics of international diplomacy due to her Afrocentric policy that makes it difficult to make demands from countries benefiting or have benefited from Nigeria’s benevolence. “There is no free tea anywhere again. The West understands this and their foreign policy thrust is guided by their interests. The US or Europeans will not offer technical, financial or military aids if there is nothing to gain.

“A good foreign policy should also cover your interests, there should be a return on your goodwill and also provisions for withdrawal or redirecting the policy if your interest is not captured in it,” the university don explained. He noted that since independence, Nigeria has made Africa the centerpiece of its foreign policy thrust, but goofed in not putting down conditionality that will ensure reciprocity. We need to change it to be more Nigerian citizens focused than outsiders,” Okwuosa concluded.

Nigeria’s relationship with the West is 63 years old now, Aderemi Salako, a Nigerian economist and banker in Sandton, South Africa, said the country should review the relationship, its benefits and losses to see if it is worth continuing.

According to him, the Asian Tigers were able to achieve their huge economic, technological and even political feats because of the nonalignment with the West and that they even went further to challenge the status quo by creating new world economic order with the BRIC bloc before the inclusion of South Africa and most of them rejected the IMF and World Bank loans and are not subjected to their baby-sitting orders.

“Look at the BRICS bloc, they are all doing well despite the campaign against them by the West. Russia is ready for them, China is tougher and more powerful now, India has surprised them with her technological and economic feats, Brazil is the headache of the US and South Africa is leading in Africa, he opioned. 

South Africa and Nigeria have an intense economic rivalry. Nigeria has been Africa's largest economy since 2014, displacing South Africa, which is the continent's most industrialized country. The two countries have been experiencing relations that have been severing since the end of apartheid in 1994 due to competing economic and cultural influence, and various diplomatic disputes.

South Africa is concerned that enhancing BRICS membership with Nigeria will further reduce its influence in the bloc. Officials in Pretoria are already concerned that other BRICS countries are far more influential in the group as its economic and social progress has stalled in recent years. 

Nigeria remains the largest economy in Africa with a GDP estimated at $477.39 billion and ranks among the world’s top 30 economies. This means South Africa, and the other two African countries in the BRICS, has lower GDP than Nigeria. While South Africa has a GDP of $405.7 billion, the second-highest number in the continent after Nigeria, Egypt and Ethiopia have GDP values of $404 billion and $111.3 billion, respectively. The Ethiopian economy is less that one quarter of the Nigerian GDP.

The original four BRICS members Brazil, Russia, China and India, were identified as possessing significant growth potential and influence on the global stage. Subsequently, South Africa joined the group in 2010, transforming the acronym to BRICS (referring to Brazil, Russia, India, China, and South Africa). According to the United Nations Conference on Trade and Development (UNCTAD), BRICS has evolved into one of the world’s most critical economic blocs, representing over a quarter of the global GDP and 42 percent of the world’s population. 

Furthermore, the African Development Bank (AfDB) reports that “trade between the BRICS and Africa rose to as much as US $340 billion in 2012 – a tenfold increase from the value recorded in 2002. Currently, the BRICS trade more with Africa than they do among themselves”. 

While Nigeria continues to contend for meagre concessions from the West, South Africa is reaping abundant benefits. Leveraging its BRICS membership, South Africa addresses trade, investment, technology transfer, and various other dimensions. Collectively, BRICS encompasses nearly 30 percent of the world’s landmass, approximately 27 percent of global GDP, and around 20 percent of global trade. These substantial benefits continue to bolster the South African economy, contributing to its status as a leading African economy, with Cape Town and Johannesburg among the continent’s top ten fastest-growing cities. 

As a former African powerhouse, Nigeria possesses the capacity to advocate for itself and safeguard its interests. Importantly, joining BRICS does not entail severing connections with the West. In essence, the nation can concurrently enjoy the best of both worlds. After all, China, a pioneering BRICS member, maintains essential trade relations with the United States. Similarly, Russia, perceived as a Western European adversary, remains a crucial trade partner. In 2020, the EU emerged as Russia’s foremost trade partner, accounting for 37.3 percent of Russia’s total global trade in goods. 

Evidently, the world is undergoing a transformative phase. The West’s monolithic grip is diminishing, yielding to an emerging shift toward multipolarity. BRICS nations have officially surpassed the G7 in their share of the world’s PPP GDP—a trend anticipated to persist. This perspective is corroborated by the India-based Megh Updates platform, one of the world’s most-viewed online information platforms.

BRICS members have also adopted their own local currencies for trade, which could potentially reshape international economic dynamics. This could reduce exchange rate risks, enhance monetary sovereignty, strengthen regional relationships, lower transaction costs, promote intra-BRICS trade, and challenge dollar hegemony. In 2022, the BRICS bloc had a GDP of over $25.85 trillion, which is slightly more than the United States.

BRICS member countries have many economic advantages, including:

1. Increased trade and investment: BRICS trade has grown from $1.2 trillion in 2009 to $4.7 trillion in 2022.

2. Financial cooperation: BRICS member countries work together to provide financial assistance to each other.

Influence in global affairs: 

3. BRICS member countries play an important role in global affairs.

4. Diversification of trade: BRICS nations have diversified their trade relationships by promoting intra-group trade.

5. ⁠Collective economic might: BRICS has collective economic might.

6. Major oil reserves: Most BRICS countries have major oil reserves.

7. Other significant raw materials exports: Most BRICS countries have other significant raw materials exports important for the world economy.

In an economic context, the potential for increased trade with BRICS countries presents Nigeria with many benefits. One of the primary advantages would be the diversification of Nigeria's trade markets, which could reduce economic vulnerability and enhance resilience to global economic shocks.

The crux of the matter is that with the current economic, security and political problems facing us a nation. Nigeria needs BRICS more than any other time.