NIGERIA’S quest for increased relevance in the global geopolitical and economic space was highlighted at the 11th Nigeria-South Africa Bi-National Commission in Cape Town, South Africa. There, the Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, sought South Africa’s support for the country’s bid to attain full membership in the G20, BRICS, and the BRICS New Development Bank.
Nigeria is also seeking South Africa’s support for its assumption of leadership roles in thematic discussions of interest under South Africa’s newly commenced G20 presidency. The G20 Club of Nations, consisting of 19 countries and the European Union, represents about 80 per cent of the global GDP, 75 per cent of global exports, and 60 per cent of the global population. The African Union was allotted full membership recently.
The expanded BRICS (Brazil, Russia, India, China, and South Africa), acclaimed as the engine of global economic growth in recent years, accounts for about 37 per cent of the world’s GDP.
Nigeria’s conspicuous absence from these influential multilateral forums is a missed opportunity. It highlights the huge implications of the country’s myriad unresolved challenges, including corruption, infrastructural deficits, and insecurity.
Regardless, the failure to invite Nigeria into these elite groups underlines a refusal to recognise Nigeria’s growing importance in global economics, geopolitics, and development and for better representation of the Global South in the world order.
While Nigeria may be saddled with significant challenges and low rankings of developmental indexes, it remains one of the top three economies in Africa at $362.8bn GDP or $1.28tn in Purchasing Power Parity terms in 2023.
Nigeria’s GDP in PPP terms was estimated to be $2.42tn by World Economics for 2023, which is 89 per cent larger than official estimates. Nigeria is a major energy supplier with 36.97 billion barrels of proven crude oil reserves– the 11th largest in the world, and 217 trillion cubic feet of proven natural gas reserves– the 10th largest in the world).
Nigeria’s emerging tech and financial services sectors are increasingly positioning the country as a hub for innovation in Africa even as the digital economy supersedes oil as the key driver of GDP at 14 per cent as of 2024.
The country is the regional leader in the ECOWAS. It plays a pivotal role in promoting peace and security across West Africa. Its robust intervention in Liberia and Sierra Leone ended the civil wars in those countries. Nigeria’s participation in peacekeeping missions in Sudan and elsewhere has been well applauded.
Nigeria’s population, estimated at over 220 million, accounts for nearly 17 per cent of Africa’s population and is projected to surpass the United States to become the third most populous country in the world by 2050. These demographics underline the country’s relevance and present immense opportunities for labour-intensive industries, innovation, and consumer markets.
With the focus on “Equality, Solidarity, and Sustainability”, the G20 needs to realise that Nigeria’s inclusion would deepen engagement with African countries in shaping global governance.
While this bid and the interest shown in gaining a permanent seat on the UN Security Council remains legitimate, it emphasises that for Nigeria to be taken seriously, it must first take itself seriously.
G20 or BRICS membership is associated with many expectations and responsibilities that point to good governance, accountability, sound economic policies, and political stability.
Nigeria needs to accelerate actions towards economic diversification and invest more in energy, rail, roads, and port infrastructure to boost industrialisation and the manufacturing sector. The vast potential in agriculture, including livestock and fisheries, and solid minerals should be fully harnessed.
Improvements in education infrastructure and outcomes are required to realise the huge potential of Nigeria’s youthful population in science, technology innovation, and entrepreneurship. Nigeria must bring more to the table to justify her membership in these elite clubs.
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