BRIC becomes BRICS as South Africa joins the rising global power.

South Africa joins Brazil, Russia, India and China as an emerging global force. This strategically positions Africa on the map. The strategic importance of this is no doubt a case for us to ponder in Nigeria.  Are we still the giant of Africa?

For a while economic experts speculated and forecasted that Nigeria will be the first country in Africa to make it to BRIC because of her size and future economic growth. However, while we sat down as usual, waiting for it to be given to us because we are Nigeria, South Africa was busy lobbying for a membership into the league of the largest emerging economies - BRIC.

Clearly, we have not shown leadership as the ‘giant of Africa” that we are.  Our Finance Minister has not shown his clear understanding of how critical it is that we are at the forefront of Africa’s economic issues.  For someone who was at Goldman Sachs, where Jim O’Neill forecasted the powerful placement of the BRIC countries for 2050, Aganga has not used his respected position and voice for Nigeria.

The growing economic and political influence of the BRIC has been a source of concern to the world, particularly the US. In 2008, the National Intelligence Council produced a document titled "Global Trends 2025" that predicted: "The whole international system will be revolutionized. Not only will new players - Brazil, Russia, India and China - have a seat at the international high table, they will bring new stakes and rules of the game."

The document further states: "The unprecedented transfer of wealth roughly from West to East now under way will continue for the foreseeable future.... Growth projections for Brazil, Russia, India, and China indicate they will collectively match the original G-7¹s share of global GDP by 2040-2050. China is poised to have more impact on the world over the next 20 years than any other country. If current trends persist, by 2025 China will have the world's second largest economy and will be a leading military power." In actual fact, China became the second largest global economy in August 2010 -  15 years before 2025.

What does South Africa’s inclusion mean for Africa? First, this has given Africa a direct voice within the grouping, although it is only South Africa that feels that at forums such as these, it must represent the region as well as itself. Secondly, it ensures, if properly utilized, the opportunity for the presentation of Africa’s developmental issues vis-a-vis the ongoing transformation of the global political economy being played out on the continent. The capacity of South Africa to leverage its inclusion for the discussion of issues relevant and critical to Africa’s development without necessarily limiting it to its own national interests will be critically examined by the rest of Africa.

I worry that as is and unless we get our acts together, our next door neighbor, who is in fanatical competition with us in attaining global recognition as the leading economy of West Africa may just get invited to join the BRICS long before Nigeria.  Ghanaian analysts have found it interesting to comment on how much we have relied on our population to get us there, rather than ensuring our house is in order.  Even with our economy growing at 7.8 percent annually, it is critical that we begin to look inwards and strengthen our footing in the global order.