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Prof Efem Ubi: Nigeria Faces No Disadvantage In Joining BRICS, We Need To Prioritise National Interests, Potential Benefits

Professor Efem Ubi has stressed the need to embrace BRICS partnership for Nigeria’s economic and strategic gains.

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Acting Director of Research, Nigerian Institute of International Affairs (NIIA), Professor Efem Ubi has opined that Nigeria faces no disadvantage as a partner nation in BRICS, emphasising the need to focus on what Nigeria stands to benefit.

“I don’t think that the disadvantages actually outweigh the advantages. I think we need to focus much more on what we stand to benefit, whether within the group or with other individual countries like China, India, Brazil.”

He further dismissed the notion that such partnerships would strain Nigeria’s relationships with Western powers.

“Interstate relations at the international level are based on interest. National interest comes first before any other thing… As much as you are relating with your traditional partners, you also need to look for a relationship with the emerging powers that the BRICS is depicting. I don’t see any disadvantage as far as it doesn’t affect your national interest.

Speaking during an interview on ARISE NEWS on Monday, Professor Efem Ubi, shared insights on Nigeria’s potential benefits from its engagement with BRICS and the implications for the country’s foreign relations and economic policies.

When asked about Nigeria’s gains from joining BRICS as a partner country rather than a full member, Ubi highlighted the grouping’s economic significance.

“This is the beginning of a more successful relationship with these groupings of developing nations. As we know, BRICS is actually a huge economy, when you look at the economy of these members; China, Brazil, and India, these economies put together will contribute about 50% of GDP by 2030. It’s estimated to be about 37.3% of GDP in terms of global output. China alone accounts for about 19.05%, and India accounts for 8.33%. Put these together, this is almost a quarter of a global economy. This is a huge market for Nigeria, the advantage is that we are going to have an extended market where our resources will be sold at the international market.”

He also underscored the alignment between Nigeria’s foreign policy and BRICS’ multilateral stance.

“Nigeria’s foreign policy has been based on multilateralism, and this is a grouping that also talks about a multilateral world because it is easier for countries to fight global challenges in a consented effort than as individual or independent country. These are also countries that are fighting for the reforms of multilateral institutions especially the financial institutions which Africa wasn’t part of when it was created. Nigeria also is at the forefront of looking for a new economic world order.”

Ubi emphasised the necessity of engaging with global groupings.

“You cannot be in isolation or stand alone in an interdependent world and so you need to embrace a lot of groupings whether it is a grouping of developing countries as well as multilateral institutions like the United Nations, IMF, World Bank.”

On the implications of Nigeria’s trade relations with BRICS for its relationship with the United States, Ubi pointed out the need to adapt to changing global dynamics.

“We still can’t stand alone in an interdependent world. If you look at the issue of the convertible currency that dominates the international system, we have seen that it is a big problem and that is why the last BRICS meeting was focused on establishing their own currency. The advent of the BRICS bank was also a reaction to the international economy system that is not in favour of the developing countries.”

Discussing a potential Trump presidency, Ubi stated,

“Trump 2.0 is coming for American interest and American interest will remain, it’s a constant irrespective of who the president is. America’s foreign policy does not really change. What we should be looking at now is how do we measure up?… Don’t forget that every nation in the superpowers are also trying to maintain their own status quo and in doing that, they will also look for ways to undermine the emerging and rising powers or economies.”

Finally, Ubi stressed the importance of reciprocity in Nigeria’s preparedness for global economic challenges.

“Reciprocity is the catch word in international relations. If they impose high tariffs, you impose high tariffs also on their products… You are an independent and sovereign nation, you determine your own policies… Diplomacy involves tact and this is what we must learn to do as individual nation.”

Faridah Abdulkadiri

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