OPINION
Ortom’s Second Term and The Task Before Him

As Benue State Governor, Samuel Ortom takes oath of office today to mark the commencement of his second term, our correspondent CHRIS GAGA, examines his first term in office and the expectations of Benue people from his last term as governor.
It was on the 29th May 2015 when governor Samuel Ortom ascended the throne of power as the 5th democratically elected governor of Benue State.
Today makes exactly four years after, and governor Ortom having rewarded a renewed mandate by the sovereign people of Benue State will be taking the oath of allegiance for the second time as executive governor of the food basket state.Of course his reelection by the people of Benue state may be a clear pat on the back and a repose of confidence that the governor has tentatively performed optimally during his first term, after all, reelection into such offices ought to be the collective resolve of the people to reward hard work in terms of performance. Thus, whether this was the basis for his reelection or not, it is probably not the crux of this analogue.
While the event of his inauguration for the second term is historic, many Benue people may rarely see his second term as a time for consolidation, but rather a time for the governor who is said to have performed poorly in his first term to cut his stint in the annals of development of the state. No doubt, the expectations from the Benue masses are high.
Considerably, a cursory throwback on governor Samuel Ortom’s first four years in office becomes key as he renews his oath to occupy the Benue Peoples House in the next four years. This perhaps may give the people insights into what the governor is set to achieve for the state in his last term.
Memorably, the governor in his first term had a developmental blueprint christened, “Our Collective Vision for a greater Benue.” This blueprint had five cardinal areas of focus which encompasses; Agriculture-driven Industrialization, Steamed Based Education, Security, youth empowerment and job creation, and Improved Infrastructure. But while the governor has obviously done well and is applauded in the area of Security, it has remained a tantalizing mirage as to whether any of the other cardinal areas of his blueprint have been implemented even averagely.
Largely, his efforts in tackling insecurity is the greatest achievement of his first term. This is cognitive of the peoples Anti-Open Grazing and Ranches Establishment Law as firmly implemented by his. administration. His amnesty program which yielded minimal impact is never to be left out, same as his dexterity in handling internal and inter-border disputes recently.
Although the governor has listed his achievements in the various sectors of Agriculture, education, health, infrastructure, youth empowerment and employment, his critics and many other Benue citizens say such achievements as highlighted in his scorecard are not feasible. His critics may be fair, they may not.
But while it will be highly unfair for anyone to say the governor has failed woefully in his first term, it is definitely not out of place to say the state deserve better developments than where it is staggering presently.
Positively, the Benue State governor is not unaware of the task ahead of him in his next four years in office. He has admitted repeatedly that costly “mistakes” were made in his first term, but “lessons” have been learnt, and he was ready to relaunch Benue into its pride of place amongst other states in his second coming.
Of course, one of the major problem governor Samuel Ortom promised and was expected to tackle in his first four years, which is the welfare of Benue workers has remained unsolved but rather degenerated. Benue workers are now owed salaries to the tune of 5 months(state), 10 months(Teachers), 11 months(LGs), and over 14 to 18 months(pensions) respectively as against 3 months(state), 4 months (local government) he inherited in 2015.
Investigations also have shown that the first term of governor Ortom administration is alienated from the rural areas. There seems to be little or no government presence at the grassroots, a situation that has caused gross decay in rural infrastructures such as feeder roads, bridges, lack of electrification and other basic amenities in spite of claims that his government has carried out over 800 water projects in the rural areas. Obviously, the 23 local governments of the state deserve better transformation in his second term.
The hopes and expectations are still high even as the governor takes oath of allegiance to mark the commencement of his second term in office. For many, it is time for Samuel Ortom to make the people reposed or redevelop confidence in his government through robust and physically viable developmental projects that tends to transform the state and improve the livelihood of every Benue citizenry.
Expectedly, our Correspondents spoke to some Benue citizens who spoke on their expectations from the second term of governor Samuel Ortom One of them, an elder statesman and former permanent Secretary in the state, Engr. Peter Torjum, expects the governor to take development to the rural areas of the 23 local governments of the state. He also wants the governor to address the issue of welfare of workers and pensioners in the State.
“The governor should take development to the rural areas because his first four years witnessed low presence in the rural areas of the state. So he should focus on the grass roots.
“Let him bring in technocrats who can perform very well so that his second term will not be abysmal. He needs competent hands run his second term. It is key.
“In the area of welfare, I know the salary is regular now, except for the arrears. So he should try to pay we pensioners our wages as at when due, that is most important. And he should then pay some gratuities and pensions arrears. All these things if he pays then we will be very happy and support him to run his second term very well,” Engr Peter Torjum said.
A youth, Mr. Terseer Bamber wants the governor to cash in on agriculture which is the main stead of the people so as to improve the economy of the state.
“The expectations of an average Benue person is development beyond what we have seen in time past. We expect job creation, infrastructural development and most importantly assuming our position in the comparative advantage we have, which is agriculture. In the past four years of Ortom administration, we have not seen these things as Benue youths, come to limelight.
“So my expectations in his next four years is to see him prioritize these areas I have mentioned. First of all, commercializing agriculture, moving to improve infrastructure both within the cosmopolitan centres of the state and the rural areas, and then most importantly paying particular attention to youth employment and empowerment, because if that is not addressed, we are definitely sitting on a time bomb,” Mr. Bamber noted.
Mr. Odaudu Owoicho opined that, “as a Nigerian and an indigene of Benue State, my expectations from Ortom’s first and present administrations have been high. But, like the saying goes: “Expectations Kills”, so, for this singular reason and experiences of poor leadership from the past political administrations, I expect nothing, but if this present leadership led by the Samuel Ortom’s (PDP) gives us a new direction and thought, I will expect nothing but the best. More particularly in the areas of salary payment and augmentation, job creation/youth empowerment amongst other things – industrialisation, infrastructural development and other basic amenities for the wellbeing of the people.”
Another Benue indigene who preferred to be addressed as Martins, said bluntly that governor Ortom has nothing to offer Benue judging by his antecedents in his first term and even others positions.
“GOING BY HIS ANTECEDENTS IN THE THE FIRST TERM, I DON’T EXPECT MUCH FROM HIM, BECAUSE HE HAS SHOWN THAT HE LACKS VISION. This is without sentiments, but as a keen observer, going by his past records, he has nothing to offer Benue.
“I have been a keen observer of Ortom’s leadership right from when he was chairman of Guma local government in the early 90s. He did nothing, I think he is just very good in media propaganda. I see, he has demonstrated incapacity so I can’t expect much from him,” he said.
Miss Annabel Zegeor said she expects alot from Ortom’s second term, but especially welfare of Benue workers and pensioners in the State.
“I expect him to be very focus and particular about salary of workers especially the arrears. People are suffering much. The pensioners are also suffering; he should look into their issue.
“And again I suggest the governor choose new advisers because he couldn’t do well in his first term to be honest. No one knows, the kind of advisers he had then been part of the reasons for his poor performance. So he should take care of that, if he wants to do something.
“For me, even though we are not expecting too much from him, he should at least make Makurdi clean and safe to stay by constructing drainages because when it rains, it is usually difficult for some residents to even cope with the level of water,” she said.
Miss Joy Johnson wants the governor to at least open up some streets in Makurdi to easy movement and make the town look neat.
” I don’t expect too much from the governor. But he should try his best and construct some major streets in Makurdi metropolis. That alone is something,” Joy Johnson noted.
Mr. Benedict Terhemen is of the expectations that the governor will do his best for the state during his second term, having parted ways with his godfather, Senator Akume was which the governor said was his detractor.
“We voted him the first time but he didn’t do the things he promised to do for us, and he said his Godfather was the reason for his poor performance, but thank God the God father is not there again. So we expect that his second term will be different and better unlike his first four years.
“He has not even chosen his cabinet yet, so we expect that he will select those who will truly help him in developing the state, but not selfish persons,” Terhemen noted.
Comrade Cletus Aruta, a youth, expects the governor to emulate his counterparts in the neighboring states of Ebonyi and Enugu states who are far doing well in the area of infrastructure and other things.
“I want His Excellency to continue with the payment of monthly salaries to Benue State, Local Government Workers and Pensioners and clear the backlog of salaries owed to them especially the Pensioners who had served the State meritoriously and now retired with a lot of family responsibilities such as payment of school fees, house rents and feedings.
“Secondly, I want him to use his 2nd Term in office to embark on massive urban and rural infrastructural developments in Benue State like we are seeing from his counterparts in our neigbouring States of Nasarrawa, Enugu and Ebonyi State which Benue State is far behind right now especially the
construction of Aliade-Mbakinde-Obarike Ito and Oju-Awajir roads which he promised Igede people during his first tenure. He should create an enabling environment for Private enterprises to come and invest in Benue State as almost all minerals and raw materials in Benue State are wasting and untapped into finished goods which will in turns create job opportunities for Benue youth and curbs youth unemployment and insecurity in the state.
“Finally, I want him to use his second term to build and equip our Public Primary and Secondary Schools with the State of Arts facilities such as good class room blocks and toilets, Libraries and provision of Chairs and desks and other office equipment as you know how important is Primary and
Secondary education which are the foundation of learnings and child development,” Aruta said.
For every Benue citizenry, there is a basket full of expectations and they are quite high, but interestingly, governor Samuel Ortom is not unaware of the dilemma before him.
Perhaps, his first four years were laced with excuses, mistakes and administrative blunders, but of course none of such feeble excuses may be entertained by the sovereign people of Benue State that refrained contemplating his replacement even against all odds during the 2019 elections.
The public outcry is alarming. Yes, not very many may have had it juicy during his first term, but the decision of the people to retain governor Ortom is a thunderous statement that, he the governor should not be taken for granted.
The people want good infrastructures such as good roads, schools, hospitals. The state desire industries, factories that can process their fruits, yam, etc, thus investment is what should be encouraged. The rural dwellers are cut off from the scheme of things, they yearn for feeder roads to help convey their farm produce to the markets.
The governor must understand that Agriculture remains our main stead and as such explore every opportunity available especially facilities provided by the federal government to encourage and transform the agricultural sector as well as generate revenue for the state. If possible, as the food basket state, the people expects the governor to romance with the federal government which is channeling huge resources into the agricultural sector with the aim of driving the policy and making the proceeds available for the development of the state.
The welfare of the people as it concerns their wages is an over trashed issue which the governor should deal with without any backslide. It is also instructive to urge the governor to consolidate on his gains in the area of Security through firm implementation of the Open Grazing Prohibition and Ranches Establishment Law already in use. This as many others believe may put a permanent end to the incessant clashes. This is not forgetting the many Benue citizens who are victims of the invasion and have been suffering in various IDPs camps. It is a necessity for the governor to liaise with the Federal government to make sure that these innocent people return to their homes in safety as soon as he settles for his second term.
It is indeed an epoch-making event as the fifth democratically elected governor of Benue State, Samuel Ortom renews his vow. But as he commences his second term, may his conscience be pricked to live a legacy befitting the goodwill the people have shown him, may he aim for success, and may he not disappoint the confidence bestowed on him. May the governor summon unusual courageous and be focus in implementing his developmental blueprint, “Our Collective vision for a greater Benue”. He may have meager resources at his disposal, but prudent and careful management and appropriation of such resources will do the State a great deal indeed.
Oil & Gas
Fuel Subsidy Removal: Tinubu Goofed, Needs Help

By Audu Liberty Oseni
In the last three months, I have written three articles showing clearly how FUEL SUBSIDY removal was the greatest error. Information that the Tinubu government paid N169.
4 billion as a subsidy in August this year to keep the pump price at N620 per litre, exonerates my stand on subsidy removal.Tinubu and his team knows that Nigerians have a culture of enduring suffering, but there is a limit to which they can endure.
For that reason, they have decided to bring back the Fuel Subsidy to avert the likelihood of mass anger whose outcome cannot be exactly predicted.It is clear that Mr. Bola Tinubu, the Nigerian President, and his market fundamentalist team, have come to the realization that we are right when we argue that Fuel Subsidy is an Energy Security Nigeria cannot do without.
They can longer sustain their arguments about subsidy removal, they now agree with some of us that maintaining fuel subsidy which has a direct impact on the price of commodities is a mandatory duty and not an option. They know they have goofed, perhaps those who feed on taxpayers’ money to think for the government failed to educate Tinubu that removing Fuel Subsidy in a country like Nigeria with a huge poverty rate and pronounced infrastructural deficit, with a poor transportation system is economy blasphemy that will lead to mass suffering and deaths.
Doesn’t Mr. Tinubu’s government know this truth? The West, particularly the United States who are quick to prescribe neoliberal capitalism to Africa as a solution for economic challenges does not practice that on its own soil.
The World Bank and International Monetary Fund (IMF), pushed Mr. Tinubu’s government and other African states to embrace Neoliberal capitalism. The hypocrisy in their action is that they ensure that in the United States, Britain, and the likes of them, the governments are committed to providing basic welfare packages for the citizens.
Unfortunately, the West has sustained a welfarist ideology ensuring their citizens live a decent life with the government bearing huge costs, is using the IMF and World Bank to force Mr. Tinubu’s government and other countries in Africa to embrace neoliberal capitalism is pushing citizens into poverty, with Subsidy Removal as the most effective weapon.
The problem is that African leaders and their Western allies Economists who cheer this kind of faulty thinking, do not have the understanding that the IMF and World Bank neoliberal capitalist prescription is to keep Africa permanently underdeveloped by destroying citizens purchasing power and the manufacturing sector.
The bitter truth Mr. Tinubu’s government and his neoliberal ideology auxiliary Economists have refused to accept is that there is no country in the world that has made any progress on the basis of IMF and World Bank neoliberal capitalism model which they push in the guise of Subsidy removal.
It is a known fact that countries like China and India which have made measurable impacts in lifting their citizens from poverty and growing their economy, refused to play by the IMF and World Bank rules. Tinubu has to have this kind of understanding if he must put Nigeria on the path of sustainable growth.
Tinubu and his neoliberal Economists propagandists must know that the United States and the West do not practice this kind of wicked capitalism ideology they push to Africa. At least, the 2009 global recession has shown that in the United States, neoliberal capitalism is a mere intellectual exercise that is not applicable to real-life situations.
Even as the US battled the economic recessions, the government did not remove subsidies, didn’t sack workers, didn’t crumble its economy through currency devaluation, and did not tax the citizens to raise money. As a matter of fact, the US government increased its expenditure and lowered taxes. The government did that so the poor would have money to spend on ground since the recession happened as a result of inadequate money in circulation. The Private sector got bailouts from the government against the neoliberal rules of economic development.
Evidence before us is that subsidy is not the problem, it is the corruption in the way it has been managed. Nigerians must demand that Mr. Tinubu’s government addresses corruption in the fuel subsidy management and reinstate it for the common good of all citizens.
The neoliberal Economists propagandists who have lost touch with reality and have refused to embrace developmental economics, who are advising Mr. Tinubu to continue with the neoliberal capitalist model that has been rejected by the West must stop.
Mr. Tinubu’s team needs to help him by exploring home-grown developmental economics models with governance and citizens’ welfare at the centre. Wicked capitalism with cruel policies has not helped any country in the world and Nigeria will not be an exception.
Audu Liberty Oseni, MAWA-Foundation Coordinator- libertydgreat@gmail.com
Perspective
FULL TEXT of President Bola Tinubu’s 63rd Independence Day Anniversary Speech

Dear Compatriots,
1. It is my unique honour to address you on this day, the 63rd anniversary of our nation’s independence, both as the President of our dear country and, simply, as a fellow Nigerian.
2. On this solemn yet hopeful day, let us commend our founding fathers and mothers.
Without them, there would be no modern Nigeria. From the fading embers of colonialism, their activism, dedication and leadership gave life to the belief in Nigeria as a sovereign and independent nation.3. Let us, at this very moment, affirm that as Nigerians, we are all endowed with the sacred rights and individual gifts that God has bestowed on us as a nation and as human beings.
No one is greater or lesser than the other. The triumphs that Nigeria has achieved shall define us. The travails we have endured shall strengthen us. And no other nation or power on this earth shall keep us from our rightful place and destiny. This nation belongs to you, dear people. Love and cherish it as your very own.4. Nigeria is remarkable in its formation and essential character. We are a broad and dynamic blend of ethnic groups, religions, traditions and cultures. Yet, our bonds are intangible yet strong, invisible yet universal. We are joined by a common thirst for peace and progress, by the common dream of prosperity and harmony and by the unifying ideals of tolerance and justice.
5. Forging a nation based on the fair application of these noble principles to a diverse population has been a task of significant blessing but also a serial challenge. Some people have said an independent Nigeria should never have come into existence. Some have said that our country would be torn apart. They are forever mistaken. Here, our nation stands and here we shall remain.
6. This year, we passed a significant milestone in our journey to a better Nigeria. By democratically electing a 7th consecutive civilian government, Nigeria has proven that commitment to democracy and the rule of law remains our guiding light.
7. At my inauguration, I made important promises about how I would govern this great nation. Among those promises, were pledges to reshape and modernize our economy and to secure the lives, liberty and property of the people.
8. I said that bold reforms were necessary to place our nation on the path of prosperity and growth. On that occasion, I announced the end of the fuel subsidy.
9. I am attuned to the hardships that have come. I have a heart that feels and eyes that see. I wish to explain to you why we must endure this trying moment. Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies are people who would build their family mansion in the middle of a swamp. I am different. I am not a man to erect our national home on a foundation of mud. To endure, our home must be constructed on safe and pleasant ground.
10. Reform may be painful, but it is what greatness and the future require. We now carry the costs of reaching a future Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty and hardship are pushed into the shadows of an ever fading past.
11. There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.
12. My government is doing all that it can to ease the load. I will now outline the path we are taking to relieve the stress on our families and households.
13. We have embarked on several public sector reforms to stabilize the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable.
14. Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.
15. To ensure better grassroots development, we set up an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.
16. Making the economy more robust by lowering transport costs will be key. In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation. These buses will operate at a fraction of current fuel prices, positively affecting transport fares.
17. New CNG conversions kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process. We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs. This is a groundbreaking moment where, as a nation, we embrace more efficient means to power our economy. In making this change, we also make history.
18. I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted. Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.
19. Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.
20. To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.
21. Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households.
22. My administration shall always accord the highest priority to the safety of the people. Inter-Service collaboration and intelligence sharing have been enhanced. Our Service Chiefs have been tasked with the vital responsibility of rebuilding the capacities of our security services.
23. Here, I salute and commend our gallant security forces for keeping us safe and securing our territorial integrity. Many have paid the ultimate sacrifice. We remember them today and their families. We shall equip our forces with the ways and means needed to perform their urgent task on behalf of the people,
24. We shall continue to make key appointments in line with the provisions of the Constitution and with fairness toward all. Women, Youth and the physically challenged shall continue to be given due regard in these appointments.
25. May I take this opportunity to congratulate the National Assembly for its role in the quick take-off of this administration through the performance of its constitutional duties of confirmation and oversight.
26. I similarly congratulate the judiciary as a pillar of democracy and fairness.
27. I also thank members of our dynamic civil society organizations and labour unions for their dedication to Nigerian democracy. We may not always agree but I value your advice and recommendations. You are my brothers and sisters and you have my due respect.
28. Fellow compatriots, the journey ahead will not be navigated by fear or hatred. We can only achieve our better Nigeria through courage, compassion and commitment as one indivisible unit.
29. I promise that I shall remain committed and serve faithfully. I also invite all to join this enterprise to remake our beloved nation into its better self. We can do it. We must do it. We shall do it.!!!
30. I wish you all a happy 63rd Independence Anniversary.
31. Thank you for listening.32. May God bless the Federal Republic of Nigeria
OPINION
BRICS: Did Nigeria Miss Out On Admittance?

By Kayode Adebiyi
At the 2023 15th BRICS Summit in Johannesburg, South Africa, the leaders of member countries that form the bloc– Brazil, Russia, India, China, and South Africa – announced the impending admittance of six more countries to its fold.
Host, President Cyril Ramaphosa of South Africa, said at the event that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates had been invited to join the bloc.
With full membership scheduled to take effect on Jan. 1, 2024, BRICS will now comprise 11 countries.
Several other countries have expressed interest in joining the group, a clear indication in the 67 countries invited as guests to attend its 2023 summit.
BRICS was founded as BRIC in 2009 as an alternative platform for its members to challenge the international multilateral cooperation dominated by the United States, the European Union and the Bretton Woods system.
South Africa joined the group in 2010, thereby giving it the present acronym which, with the new entrants, will be known as BRICS+.
Although many regard the bloc as an informal multilateral organisation, experts say its last summit was a statement of intent to truly challenge the status quo.
Navdeep Suri, a Fellow at India’s think tank Observer Research Foundation (ORF), said the BRICS’ Johannesburg summit passed a clear message.
“The 15th BRICS summit has gone further than any other in the recent past to modernize and galvanise the grouping.
“It has sent a strong signal that the post-World War II order should accept the multipolar reality and change with the times’’, he said.
This position was echoed by Jhanvi Tripathi, an Associate Fellow at ORF, who said the group’s composition suggests that it intends to shake up global economic and political cooperation.
“Even the profiles of the new members suggest that the system is headed for something beyond traditionally ‘acceptable’ partners in the eyes of the West.
“The presence of Iran especially and the reactions to it will be interesting to follow,” she said.
Indeed, even before the new members, the original five member countries accounted for over 40 per cent of the global population and a quarter of its economy.
Reuters reported before the summit in South Africa that at least 40 countries had indicated interest in joining the bloc, many of them emerging economies.
Many public affairs analysts and commentators have expressed curiosity as to why Nigeria – Africa’s biggest economy and most populous country – failed to secure admission into the potentially formidable bloc.
In his column Begging for a Seat at the Table, Azu Ishiekwene wondered why President Bola Tinubu was more obsessed with becoming a member of the G-20, rather than BRICS.
“Instead of trying to cross seven seas to join the G-20, Nigeria should be more worried that even though it was also a guest at the BRICS meeting in Johannesburg in August, it was not among the six countries that would get membership from January 2024, with the two new spots in Africa going to Ethiopia and Egypt,” he wrote.
Analysts say Bretton Wood institutions such as the World Bank and IMF are not in a hurry to reform and review their structural approach towards emerging markets’ economic challenges.
They say that as mono-cultural economies, emerging markets have no way of influencing the prices of primary products they export for foreign exchange.
Shouldn’t Nigeria join an economic bloc that offers more than currency devaluation, austerity measures, unequal access to foreign exchange and trade imbalances, some analysts ask analyst asked.
One way to look at the potential benefits of Nigeria joining BRICS is to look at how South Africa, so far, its smallest member in terms of size of economy and population, has leveraged its membership.
Available data shows that South Africa’s overall trade with its BRICS partners increased by an average growth of 10 per cent between 2017 and 2021.
BRICS accounted for 21 per cent of the country’s global trade in 2022, with trade with China accounting for about 15 per cent of South Africa’s global trade with a total trade of R556 billion.
India also accounted for 6 per cent of the total trade, increasing from R140bn in 2021 to R225bn in 2022.
Already, the bloc has floated the New Development Bank (NDB), formerly referred to as the BRICS Development Bank, which is a multilateral development bank to finance public and private projects.
There is also the mulling of a common currency, advocated by President Lula da Silva of Brazil, as a means of reducing member countries’ vulnerability to dollar exchange rate fluctuations.
Some foreign relations experts say perhaps, Nigeria’s reluctance to join BRICS is a cautious attempt not to rush into an association with a group labeled as anti-West.
But Prof. Günther Maihold, a Senior Fellow at the German Institute for International and Security Affairs, said such an assumption does not hold water.
“The old scripts of belonging to a certain order are no longer valid because the reliability of traditional partners has changed.
“The G-7 needs to be aware that the formation of BRICS+ is more than a mere political maneuver to advance China’s vision of international order,” he said.
Nigeria’s Afro-centric foreign policy and its relationship with the West are valuable. But global economy-wise, it can ill afford to put all its eggs in one basket. (NANFeatures)