Nigeria and the Brics: Regional Dynamics in Developing Economies' Studies

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 have increased

the prospect for sustained economic growth and development, especially among emerging

economies. Indeed, the competition for markets and resources remains the greatest

determinant 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

re-alignments on their part to maximize the gains of globalization. It concludes that a reevaluation

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.