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Experts Advise Nigeria to Join BRICS

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BRICS Summit Abuja

By Kestér Kenn Klomegâh

 Nigeria is considered an economic power in West Africa, and it runs in the third position behind Egypt and South Africa. While expert opinions suggest it qualifies for BRICS (Brazil, Russia, India, China and South Africa), an association of emerging economies that primarily seeks to promote economic cooperation and development among its members, Nigeria maintains that it can only make such a decision over the next two years.

Last August 2023, BRICS admitted six new members Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates into its fold at its 15th annual summit in South Africa. However, Argentina later cited multiple reasons and declined to join from January 1, 2024. In official speeches, Russia always describes Ethiopia as the poorest, but a strategic partner in Africa.

Russia has taken over the BRICS presidency in 2024 and one of its priorities is the process of expanding its membership. This step represents an important stage in the further development and strengthening of the BRICS position on the world stage. Furthermore, Russia’s leadership of BRICS could catalyze the development of Africa. Opportunities related to investment, education, policy and cooperation have the potential to change Africa’s development trajectory.BRICS is currently discussed in the context of its prospects for cooperation with countries of the Global South.

President of the Global Migration Research Institute (GMRI), Professor Williams Ijoma, has said it is time Nigeria joined the League of Nations in BRICS (Brazil, Russia, India, China and South Africa) bloc to rescue Nigeria from the clutch of poverty and open opportunities for rapid development, according to the report in Guardian newspaper.

He spoke at a one-day summit on BRICS themed ‘BRICS + and Global South: Problems and Prospects’ organized by Upriver Needy’s Empirical Solution Centre (UNESCO), Foundation in partnership with the Universal Migration Enlightenment Centre (UMEC) in Abuja, Nigeria.

He insisted that Nigeria, as a member of the global south, must join BRICS because global trend shows that the bloc has already overtaken the G7 bloc (Canada, France, Germany, Italy, Japan, United Kingdom and the United States of America), in terms of share of the total global Gross Domestic Products (GDP), as per Purchasing Power Parity (PPP).

“BRICS is a very important organization that will enhance the economy of Nigeria because Nigeria has got all it takes to be a world power. We have the raw materials and we have the human resources and I believe that joining BRICS will boost Nigeria’s economy,” he said at the summit.

According to BRICS, the GDP of their member accounts for 31.5 per cent of global GDP as of 2023, compared to the 30.7 per cent of the G7 nations. “Nigeria joining this organization is a gateway to boost its influence around the world, no doubt about it. This is based on the abundant human and natural resources to leverage in the country,” he said.

Professor Williams Ijoma pointed out that the BRICS nations offered a source of foreign expansion for firms and strong returns for institutional investors, adding that the organization seeks to deepen economic cooperation between member countries and stand in contrast to the Western sphere of power.

He noted that the present government was doing a lot to make sure Nigeria joined BRICS, pointing out that the Minister of Foreign Affairs travelled to Moscow to better the relationship between Nigeria and Russia, and also that of BRICS.

In terms of trade and what Nigeria stands to benefit from a Fellow at the Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences, Professor Maurice Okoli, explained that the BRICS partnership would allow nations to trade among themselves with their local currency without the restrictions of a single currency, the dollar for international transactions.

Professor Okoli, who is also a fellow at the North-Eastern Federal University, Russia, said that the global powers, especially the G7 countries were seen to have not done well after the Second World War but the emergence of BRIC, now BRICS+ offers a better option to developing nations in terms of economic development and terms of trade.

Hon. Kenneth Chibuogwu Gbandi, the National Deputy Chairman (Diaspora Engagement) of the African Democratic Congress (ADC), also emphasized that, like every international group, membership involves responsibilities, and potential advantages must be weighed against any challenges or commitments that come with it to be sure that Nigeria is not worse off in the end. Joining BRICS is already taking an economic alliance that is intertwined with political interest. Balancing Nigeria’s national interests with the collective goals of the BRICS group and managing geopolitical complexities may present big challenges to our traditional allies like the United Kingdom and the United States. This will, no doubt, require significant diplomatic efforts and manoeuvring.

Speakers at the summit generally noted that BRICS would emerge as a major economic power to counter the G7, hence joining the bloc held immense benefits for member countries. The experts, in their speeches, emphasized the undeniable importance of the desire of African countries for sovereignty and independent development. With rich resources and a growing consumer market, Africa provides countless opportunities for investment and comprehensive cooperation.

Why is Nigeria not yet a BRICS member?

Nigeria’s potential membership has been under serious discussion these several months. Given Nigeria’s position as Africa’s largest economy, it is expected that the economic bloc would covet the membership of Nigeria in spreading its influence. It is believed Nigeria’s foreign relations with the Western powers may be a major reason the country has not yet subscribed to BRICS membership.

Nigeria’s ties with the West led by the United States have spanned over 63 years, but this relationship in the opinions of many observers has not translated to any substantial benefits for the most populous country in Africa. It is against this background that many political scientists and economic analysts have called on Nigerian leaders to enlist the country in the forum’s membership to advance its economic interests.

The Vice President, Kashim Shettima, who represented President Bola Tinubu at the bloc’s 15th summit in Johannesburg said Nigeria has not applied to join the economic bloc. Shettima argued that President Ahmed Tinubu would have to engage the National Assembly and the Federal Executive Council before Nigeria applies for BRICS membership.

“So far, we have not applied for the membership of BRICS. And it is majorly informed by the fact that my principal President Bola Ahmed Tinubu is a true democrat that believes in consensus building,” VP Shettima said. “There are so many variables that need to be taken into cognisance. We have to evaluate so many tendencies and issues that require engagements with the economic advisory council, the Federal Executive Council, and even the National Assembly before an informed decision towards joining the BRICS would be taken.”

Early March (5-7) 2024, during his official working visit to Moscow, Nigerian Minister of Foreign Affairs Yusuf Tuggar at the joint media conference with his counterpart, Foreign Minister Sergey Lavrov, explained that “Nigeria will seek to become a member of the BRICS group of nations within the next two years as part of a new foreign policy push to have its voice heard in important global organizations.”

Talking to the news agency Sputnik on a range of issues, including potential BRICS membership, he stated, “We intend to do it. As I said before, Nigeria runs a deliberative democratic system. So there tends to be a lot of engagement with different interest groups, different internal bodies before such an action is taken.”

The West African nation will join every group that is open as long as the intentions are good, well-meaning and clearly defined, Minister of Foreign Affairs Yusuf Tuggar also said in an interview with local Russian media. “Nigeria has come of age to decide for itself who her partners should be and where they should be, being multiple aligned is in our best interest,” Tuggar said. “We need to belong to groups like BRICS, like the G-20 and all these other ones because if there’s a certain criterion, say the largest countries in terms of population and economy should belong, then why isn’t Nigeria part of it?”

Back in November 2023, Tuggar made it clear that Nigeria would seek to join BRICS within the next two years to ensure the nation’s representation and influence on the global stage, and that “the West African nation is open to joining any alliance that has constructive, well-defined goals.”

Available information about countries that have declared interest and applied to join BRICS indicated that Nigeria has applied to join the economic bloc. In an interview with an Indian news channel, WION, in March 2023, South Africa’s Foreign Minister, Naledi Pandor revealed that Nigeria was among the 12 countries that had applied to join the economic alliance.

When asked to name the countries that have applied to join BRICS, Pandor said, “They’ve come out publicly. Saudi Arabia is one, the United Arab Emirates, Egypt, Algeria, and Argentina. So, it’s a growing list of Mexico and Nigeria. So, there’s huge interest worldwide. And once we’ve shaped the criteria, we will then make the decision.”

Meanwhile, in the speech delivered at the summit, the Vice President pledged that Nigeria was ready for collaboration and partnership that guarantees a world governed by acceptable rules and norms. However, given Nigeria’s strong relationship with the West, it remains to be seen if Africa’s powerhouse would join BRICS and its new members to counterpoise the economic dominance of the United States and its allies.

BRIC is an acronym for four countries, Brazil, Russia, India and China, which formed an economic bloc in 2009 to challenge the economic hegemony of the United States and its Western allies. The addition of South Africa to the informal association in 2010 transformed the acronym into BRICS.

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Irvine, Dreaminfluence Accelerate Growth of Africa’s $3bn Creator Economy

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Irvine Dreaminfluence $3bn creator economy

Irvine Partners, a leading creative communications agency with offices in Africa and Europe, has signed an exclusive licence with Dreaminfluence as their Africa partner. Dreaminfluence, an all-in-one platform that empowers brands to build and scale influencer marketing has executed 1,000s of influencer campaigns and worked with over 20,000 influencers.

This innovative platform’s digital capabilities will support the content creators who are driving Africa’s rapidly expanding $3.08 billion creator economy. Despite creators on the continent taking advantage of platforms like TikTok, African creators still earn significantly less than their counterparts in other regions, despite producing high-quality content. Furthermore, infrastructure limitations and a digital skills gap hinder the progress of the creator ecosystem.

Monetization should not be out of reach for African creators says Rachel Irvine, CEO of Irvine Partners. She adds that “Dreaminfluence provides digital infrastructure and connects creators to brands, backing their work so they too can unlock opportunities while brands can grow their reach with authentic content that resonates with audiences.”

Dreaminfluence CEO, Mads Wedderkopp, explains “We have worked with many leading brands in the Nordics and are excited to finally bring our platform to Africa through this exclusive partnership with Irvine Partners.”

“The decision to work with Irvine Partners as our Africa partner was a no-brainer, given the roster of clients they serve, and their continental and European footprint.”

Some of the leading brands that use Dreaminfluence for their influencer campaigns are Nivea, L’Occitane, and Estee Lauder Group.

How it works

Dreaminfluence was founded in 2018, to transform influencer marketing from being about affiliate links and discount codes to focusing on actual brand ambassadorship. This vision is translated into the features that Dreaminfluence offers, for both brands and influencers.

These brand features include: 

  • Discovery of influencers: Brands can find the right influencers for their campaigns, without wasting time on influencer outreach

  • Campaign analytics: Track campaign performance, report the value and identify the best-performing influencers

  • Building relationships: Influencers move from short-term brand campaigns to long-term brand ambassadorship

  • Campaign management: Manage influencer payments, product shipping and secure content usage rights

  • Paying multiple influencers at a time with one click

For influencers, the features are: 

  • Apply to join a brand team or campaign through the app

  • Be selected as part of the ambassador team

  • Join new campaigns when they are published 

  • Run all campaign admin including payments, content ideas, and approvals through the app

Sign up here

The Dreaminfluence difference

Irvine Partners is constantly working with influencers across Africa on different campaigns for its clients and Dreaminfluence provides an innovative way to streamline agency relations with leading and emerging content creators on the continent. 

Mohale Moloi, Content Director at Irvine Partners explains that “creator marketing studies tell us that more than 50% of brands plan to increase their spending on influencer marketing in 2025. But making sure these campaigns deliver results across the whole marketing funnel requires an in-depth understanding of market nuances, which is what we bring to the table.”

By working with a dynamic platform like Dreaminfluence, Irvine Partners will take influencer campaigns to the next level by combining local insights with a platform that makes everything from campaign selection to payments more efficient.

“We are most excited about the actionable campaign data and high ROI that Dreaminfluence offers,” says Moloi.

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Cameroonian Diaspora Congress: An Essential Vector for Cameroon’s Influence in Russia

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Cameroonian Diaspora Congress

By Louis Gouend

The Cameroonian diaspora in the Russian Federation, although relatively recent, constitutes an essential vector for Cameroon’s influence and the maintenance of strong ties with the nation. In this perspective, and following a fruitful video conference on January 27, 2024, with the Minister of Youth and Civic Education, it was decided to organize, on February 8 and 11, 2025, the first celebration of Youth Day within the Russian diaspora.

This unprecedented initiative, benefiting from the Minister’s valuable support, aimed to consolidate patriotism and the spirit of initiative among Cameroonian youth residing in Russia, by offering a framework for exchange and promotion of Cameroonian cultural wealth. It mobilized Cameroonian students, young professionals, and entrepreneurs established in Russian territory.

The commemoration of the 59th anniversary of Cameroon’s Youth Day took the form of a dual celebration: a physical meeting at the Cameroonian Embassy in Moscow on February 8, 2025, and a virtual meeting on Zoom on February 11, 2025. These events brought together a total of more than 150 participants from over 50 cities in Russia, representing diverse backgrounds, including presidents of Cameroonian associations, members of the Diaspocam executive council, deans, honorary guests, and embassy officials.

The diaspora had the honour of welcoming, via video conference, Mr Mounouna Foutsou, Minister of Youth and Civic Education, whose encouragement and vision were a source of inspiration. The Minister outlined the productive initiatives implemented by the Cameroonian government in favour of its youth in the diaspora in Russia, emphasizing the willingness to support projects led by young entrepreneurs through a specific support mechanism and the operationalization of the guarantee fund.

During his address, the Minister recalled the commitments made during the video conference of January 27, 2024, emphasizing the need for increased collaboration between the government and the youth of the diaspora. He stressed the immense potential represented by this youth and reaffirmed the government’s commitment to addressing their concerns.

Among the initiatives put in place to support the youth of the diaspora, he mentioned:

  • The Guarantee Fund for Young Entrepreneurs (FOGAJEUNE), which finances projects in four key sectors (agriculture, digital economy, industry/crafts and technological innovation).
  • The special DIALYJ window, designed to promote co-ventures between young people from Cameroon and the diaspora.
  • The Program to Aid the Return and Integration of Young People from the Diaspora (PARIJEDI), which facilitates the return and integration of young people in Cameroon.

“We express our deep gratitude to the Cameroonian government and personally to Minister Mounouna Foutsou for their support of our initiative,” said the President of Diaspocam, Louis Gouend. “Thanks to their assistance and the support of the Cameroonian Embassy in Russia, we were able to organize this important event, which has strengthened ties between the diaspora and Cameroon.”

Aware of the positive impact of this first celebration, we hope that this innovative initiative will be included in the calendar of activities of the Ministry of Youth and Civic Education for the years to come.

Diaspocam establishes a legal platform to come together, helps each other, interacts and establishes viable strategic networks and partnerships; presents, shares and expands proven diaspora business models; promotes and assists businesses and investments in Cameroon.

It strengthens a good image of Cameroon in Russia while maintaining close liaison with the Cameroonian and Russian governments and any other representative body pursuing objectives similar to those of the Association. Cameroonian Diaspora in the Russian Federation is a public organization which encourages participation, representation, diversity and cooperation between Cameroon, African diaspora and Russian society.

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African Union Launches Credit Rating Agency to Rival Fitch, Others

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African Union

By Adedapo Adesanya

The African Union has announced the launch of its rating agency, the African Credit Rating Agency (AfCRA) to provide accurate ratings for countries on the continent.

According to Kenya’s President, Mr William Ruto, while unveiling the new agency at an AU event held in Addis Ababa, Ethiopia on Friday, AfCRA will address biases by global rating firms.

Global firms like Moody’s, Fitch and Standard & Poor (S&P) are some of the ratings agency which provide insights into African countries to aid investors and stakeholders.

There have been criticisms that these ratings lead to higher borrowing costs for African countries and make it harder for them to access international financial markets.

“Global credit rating agencies have not only dealt us a bad hand, they have also deliberately failed Africa,” Mr Ruto stated during the launch.

“They rely on flawed models, outdated assumptions, and systemic bias, painting an unfair picture of our economies and leading to distorted ratings, exaggerated risks, and unjustifiably high borrowing costs.”

According to President Ruto, improving Africa’s rating by one notch could unlock $15.5 billion in additional funding for the continent, which could help replace a significant portion of official development assistance or be invested in Africa’s infrastructure needs.

Despite Africa’s abundant natural wealth, only two African nations are currently ranked as investment grade.

“It is time for Africa to use the right scale, one that reflects its true weight,” Mr Ruto added.

The African Union has previously criticized global rating agencies’ characterization of African economies. In January, the AU pointed out that Moody’s Ratings’ fluctuating assessment of Kenya’s outlook was flawed.

“As the continent continues its march towards economic integration and resilience, the establishment of the African Credit Rating Agency (AfCRA) represents a pivotal step in asserting Africa’s position on global financial governance.”

The agency aims to provide fair, transparent, and development-focused credit ratings that reflect the realities and potential of African economies.

The idea comes more than a year since the AU officially announced its plans to move forward with the project since September 2023.

The push for an African credit rating agency became viable in 2022 when Senegal’s former president Macky Sall, then the chairman of the AU, called for a new system to “end the injustices” faced by African countries.

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