Nigeria and the BRICS: Regional Dynamics in Emerging Economies’ Studies

Folarin, S. F. and Ibietan, Jide and Chidozie, Felix (2016) Nigeria and the BRICS: Regional Dynamics in Emerging Economies’ Studies. Journal of South African Business Research.

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Abstract

The debate on foreign economic relations has stressed the expansion and diversification of trade as well as the need for increased inflow in foreign capital. As a distinct area of international relations and development studies, foreign economic relations have increased the prospect for sustained economic growth and development, especially among emerging economies. Indeed, the competition for markets and resources remains the greatest determinant for friends as well as foes. To this end, the study interrogates the complexities of Nigeria’s foreign economic relations with the BRICS (Brazil, Russia, India, China and South Africa) economies, whose development models can arguably serve as prototypes for other emerging economies. It adopts the theories of modernization and underdevelopment/dependency (UDT) to situate the dynamics of these relationships within perspective. The study is based on content analysis and review, drawing attention to the forces and factors that drive these relationships. Findings suggest that failure on the part of the traditional international financial institutions (IMF and World Bank) to meet the growing expectations of these developing economies is singularly responsible for regional re-alignments on their part to maximize the gains of globalization. It concludes that a reevaluation of the policies of the IMF and the World Bank is long overdue, while proposing an introduction of more robust regional economic integration to meet the increasing demands in South-South Cooperation.

Item Type:	Article
Uncontrolled Keywords:	Nigeria, BRICS, Emerging Economies, Foreign Economic Relations, South-South Cooperation
Subjects:	H Social Sciences > HB Economic Theory J Political Science > JA Political science (General)
Divisions:	Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	Mrs Patricia Nwokealisi
Date Deposited:	22 Sep 2016 09:15
Last Modified:	22 Sep 2016 09:15
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/7245

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