Transforming BRICS to BRINCS for faster economic growth in Nigeria: The role of tertiary educational institutions

Abstract

Forming of economic, social and political blocs of nations is a way of fast-tracking the achievement of national development of the nations involved. This paper reviews the transformation of BRIC to BRICS and the hope that the transformation would extend to BRINCS (Brazil, Russia, India, Nigeria, China and South Africa), with a view to ensuring faster economic growth in Nigeria. The paper emphasises on the role tertiary educational institutions could play to ensure faster economic growth and development in Nigeria as the transformation extends to BRINCS. The paper is a literature review type, emphasising on conceptual and empirical works in the subject matter. The paper reveals that the BRICS nations and their initiatives of establishing development bank and other economic growth and development institutions would fast-track the development of those countries and other emerging nations that could benefi t from their initiatives. The paper also establishes that tertiary educational institutions have a lot of roles to play in the areas of research, teaching and community services to ensure that Nigerian leaders are guided in enlisting the country into the economic bloc (to be transformed to BRINCS) and to ensure the success of its initiatives. The paper strongly recommends a close working relationship between the relevant government agencies and the academia to articulate ways of ensuring that Nigeria is enlisted into the BRICS bloc of nations, as soon as possible.