Chief Okoi Obono-Obla
By Akpan David, Calabar
Two lawyers, Justice Osai Ahiakwo and former presidential aide, Chief Okoi Obono-Obla have welcomed the move by Nigeria to join an economic cum political bloc Brazil Russia India China South Africa, (BRICS) saying there are many potential benefits.
But they have strongly advised that Nigeria should tread softly with caution as they contemplate.
In separate interviews in Calabar, both expressed excitement about the move and stated that Nigeria will benefits much even though it will attract spite from traditional Western allies like USA, for instance.
Justice Ahiakwo said, “As a sovereign nation, Nigeria is free to join the BRICS bloc, considering the potential benefits it will bring to Nigeria viz. economic growth, political influence, infrastructure development, and many more.
“The BRICS bloc no doubt has introduced workable policies and established a strong financial institution like New Development Bank which was set up in 2014 to lend money to member nations,” he said.
Ahiakwo said the aim of the bank is to boost infrastructure, stating that in 2022, it expended nearly $32 billion providing new roads, bridges, railways, water supply, to its members.
Ahiakwo cautioned that Nigeria must be cautious as she makes moves so as not to be entangled with the current diplomatic crisis involving Russia and the NATO nations.
He said, “To join BRICS with Russia playing a leading role may inadvertently affect the relationship between Nigeria and the United States of America, because BRICS can be a versatile tool used by Russia to extend its growing influence in Africa.”
He reasoned that decision to join BRICS may contravene certain fundamental clauses in the numerous treaties with other sovereign nations and international organizations having binding effects on Nigeria.
Justice Ahiakwo
On his part, Obono-Obla noted that BRICS accounts for a quarter of the global economy and it is a geopolitical force that can challenge the developed world’s dominance.
On this note, he persuaded, President Bola Tinubu to ensure Nigeria joins the bloc.
According to him, membership of BRICS will certainly bring immense benefits to Nigeria diplomatically, economically and politically.
“BRICS is presently working on International currency that will compete with the United States dollars in international business.
“Certainly if Nigeria joins it dependency on the dollar to conduct its international trade will reduce and this will lead to a decrease in heavy reliance on the dollar that would impact on its balance of payment purposes,” he noted.
Some of the potential benefits Nigeria stands to gain in BRICS which Obono-Obla listed include economic opportunities, access to markets, infrastructure development, knowledge exchange as well as political influence.
Obono-Obla assured that Nigeria’s membership in BRICS could enhance its political influence on the global stage and provide a platform to address common challenges.
“Joining BRICS could provide Nigeria with access to new markets for its goods and services. This can help diversify the country’s export base and reduce dependence on traditional markets.
“Nigeria could benefit from increased trade and investment opportunities with these countries, leading to economic growth and development,” he said.
However, a London based Nigerian clergyman and public analyst, Bishop Raymond Opia said Nigeria will be shooting herself on the foot if she joined BRIC.
“Britain and US have been steady economic ally of Nigeria for years. It will be economic suicide to leave those superpowers now.
“US still buys large chunk of the Nigeria’s crude oil. Our foreign reserves therefore depend on the oil exports and little comes from other areas.
“In summary Nigeria should not join such economic bloc,” he said.
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