Nigeria and the BRICS: Regional Dynamics in Emerging Economies’ Studies
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Journal of South African Business Research
Abstract
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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.
Keywords
HB Economic Theory, JA Political science (General)