Abstract
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.
Highlights
There has been a fundamental change in international economy, especially so in the last decade
Emerging and developing countries have significantly increased their weight in global Gross Domestic Product (GDP) and especially in global economic growth; in particular, they have been responsible for most of the growth in the world economy since the 2007-2008 global financial crisis (Sen, 2000; Sachs, 2005 and 2011; Herbst and Mills, 2012; GriffithJones, 2014)
The recently concluded plans and the consequent announcement by the BRICS leaders to set up BRICS Development Bank (BDB) which would fund long-term investment in infrastructure and more sustainable development in these countries have heightened the suspicion of the international community and improved the global reputation of these emerging economic giants (CNN.com, 2014; GraffithJones, 2014)
Summary
There has been a fundamental change in international economy, especially so in the last decade. According to Bukarambe (2005), the economic points of contact between Nigeria and China are so diverse to the extent that the latter’s advantages are very manifest and the former has no reciprocity He argued that, in view of the first bilateral trade agreement signed between the two countries on November 3, 1972, (other agreements have long been added to this), Chinese companies have been involved in projects covering roads and bridges, ports, oil fields, bore holes, agriculture, and power distribution/supply. (Zabadi and Onuoha, 2012:397)
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