Nigeria and the brics: Regional dynamics in emerging economies' studies

Abstract

The debate on foreign economic relations has stressed the expansion and diversification of trade as well as the need for increased inflow in foreign capital. As a distinct area of international relations and development studies, foreign economic relations has increased the prospect for sustained economic growth and development, especially among emerging economies. Indeed, the competition for markets and resources remain the greatest determinants for friends as well as foes. To this end, the study interrogates the complexities of Nigeria's foreign economic relations with the BRICS (Brazil, Russia, India, China and South Africa) economies, whose development models can arguably serve as prototypes for other emerging economies. It adopts the theories of modernization and underdevelopment/dependency (UDT) to situate the dynamics of these relationships within perspective. The study is based on content analysis and review, drawing attention to the forces and factors that drive these relationships. Findings suggest that failure on the part of the traditional international financial institutions (IMF and World Bank) to meet the growing expectations of these developing economies is singularly responsible for regional realignments on their part to maximize the gains of globalization. It concludes that a re-evaluation of the policies of the IMF and the World Bank is long overdue, while proposing an introduction of more robust regional economic integration to meet the increasing demands in South-South Cooperation.