Why G20 and BRICS+ Shun Nigeria: Insights from Former Envoys
Channels Television recently hosted a discussion with former Nigerian diplomats who provided valuable insights into why influential international groups such as the G20 and BRICS+ have sidestepped Nigeria. This analysis comes at a time when Nigeria, Africa’s largest economy and most populous nation, faces mounting economic and political challenges that have dampened its standing on the global stage.
The G20 and BRICS+
The G20, an assembly of the world’s largest economies, and BRICS+, an extended grouping of Brazil, Russia, India, China, and South Africa, play pivotal roles in shaping global economic policies. The G20 focuses on international financial stability, while BRICS+ aims to foster economic cooperation among its member states, which now include several other nations showing interest in its expanded form.
Economic Instability and Governance Issues
A primary reason Nigeria has been overlooked by these global coalitions is its economic instability. The country has struggled with chronic issues such as inflation, unemployment, and a volatile currency. Moreover, despite being one of the world’s top oil producers, Nigeria’s over-reliance on oil has exposed it to global market fluctuations, leading to an inconsistent economic performance.
Former diplomats also emphasized the detrimental impact of poor governance on Nigeria’s reputation. Corruption and mismanagement have plagued various sectors, from energy to infrastructure, eroding trust among potential international partners. In the past decade, multiple high-profile corruption scandals have further undermined confidence in Nigeria’s leadership.
Security Concerns
Security remains another critical issue. Nigeria has been battling terrorist groups like Boko Haram and ISWAP for years, leading to widespread instability in certain regions. Kidnappings, banditry, and other forms of violent crime have also surged, creating a climate of insecurity that discourages international investment and cooperation.
Comparative Analysis with South Africa
Nigeria’s exclusion from these global coalitions becomes even more apparent when we compare it to South Africa. Despite its own challenges, South Africa has managed to maintain better economic stability and governance structures, securing its spot in BRICS and, by extension, making stronger cases for international partnerships.
Potential for Change
Despite these challenges, former envoys argue that Nigeria holds significant potential for change. Effective reforms aimed at diversifying the economy, tackling corruption, and improving governance could elevate Nigeria’s international standing. The current administration under President Muhammadu Buhari has taken some steps in this direction, including initiating anti-corruption measures and attempting to diversify the economy beyond oil.
However, these measures need to be more comprehensive and thoroughly implemented to effect real change. A concerted effort to build institutional capacity, enhance security, and foster an environment conducive to foreign investment could eventually position Nigeria favorably for inclusion in influential global coalitions like the G20 and BRICS+.
Conclusion
While Nigeria possesses immense potential due to its vast natural resources and youthful population, realizing this potential requires overcoming significant obstacles. Addressing economic instability, improving governance, and ensuring security are paramount. Until then, Nigeria’s exclusion from groups like the G20 and BRICS+ serves as a stark reminder of the work that lies ahead.
For more insights on Nigeria’s international standing, visit Channels Television.
