Nigeria's economic capacity and BRICS membership; challenges and prospects

Abstract

his paper examined Nigeria's Economic Capacity and BRICS Membership; Challenges and Prospects. It critically analyzed the potential benefits and implications of Nigeria joining BRICS, examined its economic, political, and diplomatic impact. The paper armed to assess how membership could affect Nigeria’s foreign policy, trade dynamics, financial stability, and regional influence. Additionally,  it seeks to explored strategies for Nigeria to maximize the benefits of BRICS while mitigating associated risks, ensuring that its national interests and regional commitments remain prioritized. The paper used a secondary research methodology, drawing from existing literature, reports, and data from credible sources. It employed Mercantilism as the theoretical framework which emphasized self-sufficiency through a favorable balance of trade. It recommends that; Nigeria must ensure that joining BRICS does not reinforce the dependency cycle, where developing nations remain reliant on more powerful economies for investment, trade, and technology,  prioritize economic reforms that boost local manufacturing, infrastructure development, and agricultural value chains and conduct thorough cost-benefit analyses before accepting BRICS related loans, ensuring they align with long-term economic growth plans.                   .