Hon Alexander Kwamena Afenyo-Markin
Effutu

Mr Speaker, thank you once again for this treasured space to make this Statement on Nigeria’s Admission into BRICS and its Implications for West Africa and ECOWAS.

Mr Speaker, I make this Statement in my capacity, as the 3rd Deputy Speaker of the ECOWAS Parliament, and Member of the ECOWAS Parliament. I find it imperative to address this House on Nigeria's recent admission as a partner country of the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa. This development presents both opportunities and challenges that demand our immediate attention within the context of West Africa and the Economic Community of West African States (ECOWAS), particularly as the region navigates economic recovery in a post-pandemic era.

Mr Speaker, since its inception in 2009, BRICS has grown into a significant alliance representing over 40 per cent of the global population and approximately 25 per cent of the world's Gross Domestic Product (GDP), valued at over $27 trillion. With the establishment of the New Development Bank (NDB), boasting of an initial capital of $100 billion, the bloc aims to provide alternatives to traditional Western-dominated financial institutions. This collective economic acumen positions BRICS, as a major player in shaping global trade, investment flows, and development policies, with the potential to influence key international economic decisions.

Mr Speaker, in recent years, BRICS has expanded its membership, with Indonesia, Egypt, Saudi Arabia, Ethiopia, United Arab Emirates and with Iran joining, other countries like Argentina, Malaysia, Thailand and Turkey have also expressed interest. This expansion highlights BRICS' commitment to fostering cooperation among emerging economies, and enhancing its role in global governance.

Mr Speaker, as Africa's largest economy, Nigeria's inclusion in BRICS is a recognition of its growing influence on the global stage. As the most populous nation in Africa, with a robust and diversified economy, Nigeria's alignment with the BRICS group could redefine regional trade, development and geopolitical strategies. Through BRICS, Nigeria can advocate for fairer trade practices, increased foreign investment in Africa, and access to technology that supports industrialisation.

Mr Speaker, for West Africa, this development could serve as a catalyst for regional integration and economic development. Nigeria accounts for approximately 60 per cent of the total GDP of the ECOWAS, making its BRICS partnership a potential game changer for the region. Nigeria's membership offers an opportunity to attract BRICS investments into the region, particularly in infrastructure, energy, and technology. As BRICS nations expand their focus on South cooperation, West Africa could benefit from increased collaboration in addressing developmental challenges such as food security, climate change, and trade barriers. Leveraging BRICS' trade links could expand market access for ECOWAS member states especially in sectors like agriculture, energy and technology.

Mr Speaker, in addition, funding from the NDB, formerly the BRICS Development Bank, could be channeled into regional projects such as the West African Power Pool and other infrastructure developments. Again, Nigeria's strengthened global standing may enhance ECOWAS' ability to address security issues in the Sahel region, which have obstructed various development efforts.

Mr Speaker, these notwithstanding, this alliance may also come with its challenges. Nigeria's alignment with BRICS could potentially shift its focus from ECOWAS priorities, particularly in instances where BRICS interests diverge from regional objectives. This could lead to a redefinition of Nigeria's leadership role within ECOWAS, as it balances its commitments to the region and its responsibilities within BRICS. Additionally, Nigeria's membership could create new power dynamics within West Africa. As the largest economy, Nigeria must ensure that its engagement with BRICS benefits not only its domestic interests but also contributes to the collective development of the ECOWAS sub-region. This will require strategic diplomacy and a commitment to shared regional goals.

Mr Speaker, I urge this House to consider how Ghana and the rest of ECOWAS can strategically position themselves in the light of this development. We must engage Nigeria to ensure that its participation in BRICS complements rather than undermines the objectives of ECOWAS. As a region, we must explore partnerships with BRICS’ countries to strengthen our collective bargaining power and enhance economic development across West Africa.

In conclusion, Mr Speaker, Nigeria's admission into BRICS is a significant milestone with profound implications for West Africa and ECOWAS. It is a strategic partnership which potentially offers Ghana and ECOWAS new pathways to trade, development and economic integration. However, to fully realise these benefits, regional leaders must embrace cooperation, invest in innovation and implement strategies that leverage shared strengths for collective progress. As the global balance of power shifts, let us harness the opportunities it presents while addressing the potential challenges to ensure that our region continues to thrive in an increasingly interconnected world.
Thank you, Mr Speaker, for the opportunity.