Nigeria's Investment Relations with the BRICS: Implication on Nigerian Economy

Abstract

The world has witnessed the emergence of developing countries whose gross domestic products has remarkably increased over the years, and with great impacts on world economy. These countries are Brazil, Russia, India, China and South Africa, otherwise known as the BRICS. The level of their industrialization has led to wealth generation and mass production of goods and services that overshoot local demands thereby making energy for fueling the industries and large markets for the sale of industrial products their major challenges. Coincidentally, Nigeria possess oil for fueling the industries and large markets for industrial goods, but lack enough wealth for investment on infrastructural development. Oil for infrastructure thus occupied the centre stage in the bilateral relations between Nigeria and the respective BRICS countries. The implication of the relationship to Nigerian economy is that it increases infrastructural development in Nigeria that is tied to oil sector with over presence of foreign determination. Nigeria should diversify her economy beyond oil for international economic relationships.