Stakeholders Harp On Collaboration To Boost Economy

Stakeholders at a one day summit on “BRICS Bloc” have called for more measures to boost the economy through effective collaboration with other countries to improve the industrialization and technical know how in Nigeria.

The convener of the programme, Professor Williams Azuma said the summit became necessary to prepare Nigeria after indicating interest to join the economic Bloc “BRICS Plus” to grow the nation’s Gross Domestic Product, GDP.

Professor Azuma who is the President of UNESC explained how the BRICS works, “BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The term was initially created as BRIC (without South Africa) by Goldman Sachs economist, Jim O’Neill in 2001. He believed that by 2050, the four BRIC economies would dominate the global economy. South Africa was added to the list in 2010”.

“The BRICS countries operate as an organization that seeks to foster economic cooperation amongst member nations and increase their economic and political standing in the world”.

Professor Azuma, stressed that Nigeria joining this organisation is a gateway to boost its influence around the world, to enable it leverage on its abundant human and natural resources.

Also speaking at the occasion, Professor Moris Okoli
who said Nigeria joining BRICS does not mean that it will not be a member of other organisations to grow the economy but rather a means of expanding its tentacles to grow the nation’s economy especially now that it is facing a lot of economic challenges to ensure Nigerians benefit economically from opportunities around the world since BRICS countries trade in their individual currencies rather than trading with the dollar.

On his part, Professor Ajibade Biodun said industrial development in Nigeria is at a slow pace hence the need to embrace other partners to ensure fast industrialization which would no doubt grow the economy.

The Sensitization summit organized by UNESC in collaboration with the Universal Migration Enlightenment Centre with the theme BRICS+ and Global South Collaboration; Problems and Prospects’ the stakeholders at the occasion described as apt given the circumstances Nigeria is in, presently.

They also stressed the need for bail out to rescue and revive the Nigeria economy to have a positive impact on all aspects of the society.

Florence Adewale, Edited By Grace Namiji