The Federal Government has called the bluff of the President-elect of the United States of America, Donald Trump, after he threatened to sanction countries that embraced BRICS.
In October, Nigeria emerged as a partner country of BRICS. This is a move towards becoming a full member in the next two years.
BRICS, originally an acronym for Brazil, Russia, India, and China, expanded in 2010 to include South Africa.
The group added Egypt, Ethiopia, Iran, and the United Arab Emirates as full members, all of whom attended this year’s summit in Kazan, Russia, as full participants.
The alliance has been moving towards the development of a new currency to challenge the dominance of the US dollar in global trade. This effort, often referred to as the ‘BRICS currency project’ is not expected to be implemented until 2025.
Trump had, in a tweet, threatened to impose 100 per cent tariffs on countries in the group if they created a new currency to rival the US dollar.
“The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is over. We require a commitment from these countries that they will neither create a new BRICS currency, nor back any other currency to replace the mighty U.S. Dollar or, they will face 100 per cent tariffs, and should expect to say goodbye to selling into the wonderful U.S. economy,” Trump posted on Truth Social.
Reacting, a source in the presidency who did not want his name in print because he was not authorised to speak on the issue, said Nigeria did not feel threatened by Trump’s outburst.
The source said, “Nigeria is a sovereign nation that can decide its alliances.”
Also speaking on the matter, Alkasim Abdulkadir, the Special Assistant on Media Communication and Strategy to the Minister of Foreign Affairs, Yusuf Tuggar, said Nigeria would continue to push for membership of international bodies to advance its economy, adding that the country reserved the right to align with any country it deemed fit.
“Nigeria continues to explore and advocate the democratisation of global institutions including the United Nations Security Council and G20, ultimately by becoming a member state.
“Nigeria is a country in a multipolar world and we have a history of non-alignment. Our strategic autonomy is sacrosanct,” Abdulkadir said.
Commenting on the issue, a retired career diplomat, Sola Abolurin, urged Nigeria to dismiss Trump’s outburst, describing it as an empty threat.
Abolurin said, “Trump has threatened so many countries, not only BRICS. He threatened Canada and China, so Nigeria should not allow any country to dictate for it. It will pay Nigeria more to be a member of BRICS.
“Russia has been surviving without the support of America and many other Western countries. When the Russia-Ukraine war started, Russia decided to do away with all the major currencies and started trading its goods in ruble and nothing has happened.”
The diplomat said Trump was not vast in international relations.
“I see Trump’s threat as empty; he is somebody who is by nature very dictatorial. He thinks he can bully everybody but the BRICS countries should not allow themselves to be bullied by Trump or America.
If the BRICS feels they are going to have their currency to trade, it is all well and good, and if Nigeria decides to join BRICS, it will be better for it because BRICS has major economies and Trump’s threat will not have any effect at all on Nigeria if the country decides to be part of BRICS.
“If Trump carries out his threat, it is also going to have a ripple effect on the American economy because international relations is reciprocatory and other countries will also do the same for America,” Abolutin said.
A former Nigerian Ambassador to the Philippines, Yemi Farounbi, however, called for caution, urging Nigeria to prioritise its national interests over aligning with global power blocs.
“If Nigeria intends to challenge the dollarisation of the global economy, it must ask itself critical questions: Is this genuinely in Nigeria’s national interest? Or is it aligning with a foreign agenda?” Farounbi stated.
He tasked the Nigerian government to focus on national interest and ensure that its decisions on international matters were borne out of patriotism.
Farounbi said, “It is assumed that BRICS nations are acting in their national interests. However, Nigeria must ensure that it is truly prioritising its national interests and not serving those of another power.
“For Nigeria, such an alliance raises important concerns. How does this benefit an economy reliant on crude oil, one that produces little, consumes heavily, and struggles with basic infrastructure? How does it address the country’s lack of adequate electricity, potable water, roads, schools, and job opportunities?
“Nigeria must focus on its own national interests. As the late Obafemi Awolowo said in 1979, ‘If I become president of Nigeria, I would not travel out of the country for four years because Nigeria’s problems are right here.’”
He warned that if Nigeria involved itself in a global struggle it did not fully understand, it risked becoming a victim like Italy during World War II.
