Nigeria’s Journey to BRICS: Prospects and Challenges

Nigeria’s quest to joining the BRIC countries may be rough and tough, but she can achieve this objective if things are done in the right manner, writes Eromosele Abiodun. In development economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development.

It is typically rendered as “the BRICs” or “the BRIC countries”. Coined in 2001 by Global Economist at Goldman Sachs, Mr. Jim O’Neill, the contraction has come into widespread use as a symbol of the shift in global economic power away from the developed G7 economies towards the developing world. It is estimated that BRIC economies will overtake G7 economies by 2027. Since 2005, Mexico and South Korea were the only other countries comparable to the BRICs, but their economies were excluded initially because they were considered already more developed, as they were already members of the Organisation for Economic Co-operation and Development (OECD).

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