BRICS is an acronym that started as BRIC in 2001, coined by Jim O’Neill (a Goldman Sachs economist) for Brazil, China, India, and Russia. Later in 2010, South Africa was added to become BRICS.
Goldman Sachs claimed that the global economy will be dominated by the four BRIC economies by 2050. The main reason for such a claim was that China, India, Brazil, Russia, and South Africa were ranked among the world’s fastest-growing and emerging market economies for years. The main comparative advantage of this group is their low labour costs, favourable demographics, and abundant natural resources at the time of the global commodities boom.
Sharing thought on why Nigeria has to join the BRICS Nations, Reno Omokri, former aide to ex-Nigerian President, Goodluck Jonathan, said that; “What some people fail to understand is that both America and Russia have lost their global positions asdictating superpowers.
According to Reno Omokri, The new world super power is the BRICS nations. And because they control more of the world’s resources than either the US, Russia, or even the EU, they are in pole position to establish a new world order.
They have a more significant population than the US, Russia and the EU combined. Their economies are also growing faster than the U.S., Russia or the EU. That is why Nigeria has to join the BRICS nations and make it BRINCS, with the N representing Nigeria.
If indeed we
did not apply for membership, then we ought to. We have a lot to gain and little to lose. The first thing that will happen if we are in the BRIC bloc is that our passport will become stronger. And once that happens, trade will blossom. And the effect on our economy will not just improve our GDP, it will also positively affect the value of the Naira and reduce our dependence on the US dollar. Nigeria should apply to be a member.
Russian hosted the first BRIC Summit on June 16, 2009, at Yekaterinburg.
The BRICS countries, from 2009 to 2014, agreed on economic and financial issues, including World Bank and IMF reforms. They agreed to undertake measures of mobilizing sufficient resources so that the IMF can strengthen its potential to combat all kinds of crisis. They also created the BRICS Interbank Cooperation Mechanism that provides Extending Credit Facility in Local Currency and the BRICS Exchanges Alliance.
