Country on the waiting list to join BRICS• Country will not meet economic criteria, experts insist
At some of its summits, leaders of the member nations said they would continue to develop processes and standards to expand BRICS Plus as an alternative for championing the growth of emerging markets. “It is quite realistic and will depend on the membership criteria. Nigeria is not against becoming a member of BRICS to ensure its economic interests in cooperation with other partners in the world,” Shehu reportedly said.
With the deepening of frosty relations with traditional development partners, including the International Development Fund , many experts have identified the need to explore an alternative route, but they said the chances of Nigeria’s admission to BRICS may have been blighted by its lethargic governance and low international competitiveness.
“The countries that makeup BRICS are large producers of industrial goods. The countries that are now in consideration for membership are medium producers of industrial goods. The organisation does not appear to be interested in producers of primary commodities, like Nigeria, as members.” He argued that Nigeria would need to develop a product that is needed in the international market to regain its pride among the comity of nations, insisting that the sliding economy has placed the country at a disadvantage in the global market.
A country that solely depend on importation of virtually everything it uses on a daily basis cannot be counted as an emerging power. Obi opened our eyes to the reality dat we seriously need to move from being a consuming nation to a producing one. How many of them think that way?
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Source: NigeriaNewsdesk - 🏆 10. / 63 Read more »