• Nigeria should strengthen its alignment with the Global South, China included, to reap benefits for its people and Africa as a whole.

Nigeria still seems fixated on the Global North as the wind blows in the opposite direction. The largest foreign investors in Nigeria – the UK, the Netherlands, France and the US – have not changed style since the 1950s. Their investments are mainly elitist, essentially in oil and gas, and ammunition, and portfolio investments, which mainly profit them, not Nigeria. Over time, not much has changed, and little has been done to invest in areas that improve the everyday life of the people. 

The Dar es Salaam Consensus, an outcome of the 13th meeting of the China-Africa Think Tanks Forum held on 8 March in Tanzania, has generated positive ripples as attested to by a statement from the Institute of African Studies of the Zhejiang Normal University, the anchor of the forum. The statement reads, “This landmark agreement has garnered significant attention, with many Chinese and African scholars viewing it as the first international consensus proposed by the Global South rather than imposed by the Global North, which expressed the collective voice of the Global South.”  

The content of the consensus includes obligations to individual countries and blocs. Nigeria is one such country. “As significant members of the Global South, both Africa and China bear the historical mission of development and rejuvenation to benefit their peoples.”  

The forum and the consensus notes, “We are committed to strengthening global economic governance, eliminating trade and economic barriers, and establishing a more resilient, inclusive, smooth, and efficient global supply chain. We believe that countries in and out of Africa could leverage their comparative advantages, advance industrialisation and agricultural modernisation, better participate in the international division of labour, and make positive contributions to promoting global economic circulation, global economic growth, and the well-being of all peoples. We call for actively promoting reform of the international financial system to bridge the development gap.”  

One of the eight points of the consensus is that “We will promote the democratisation of international relations, increase the representation and voice of developing countries in the international system, and timely correct the historical injustices suffered by Africa. We will defend each country’s national sovereignty, territorial integrity, and right to development.”  

The consensus further noted, “We will ensure that our development is for the people and by the people, and the fruits of development are shared among human beings in a bid to protect everyone’s right to pursue a better life.”  

In line with this consensus, Nigeria needs to rethink its approach and make amends for more effective integration with the Global South for better benefits. Nigeria should align its diplomatic priorities likewise.  

Rise of the Global South  

One of the prominent phenomena of the 21st century is the collective rise of the Global South. With the shift of the geoeconomic centre from the Global North to the Global South, the Global South countries have witnessed a growing presence on the world stage. Economically, emerging market countries and developing countries contribute as much as 80 percent of global economic growth. Politically, they are demonstrating greater strategic autonomy. Internationally, they have raised their voice and influence through active participation in global affairs.  

The China-proposed Belt and Road Initiative (BRI) has pooled collective resources and political will from fellow Global South countries, and has become an important platform to build infrastructure, facilitate trade and investment, share know-how, and engage in cultural exchange, said an article published on www.ciis.org.cn.  

China, the economic pivot of the Global South, has pursued a different approach from the Global North since it entered into the world arena, with most of its investments generating jobs and improving everyday life.  

China is the world’s second-largest economy and had the largest export volume in 2023 with approximately $3.38 trillion worth of goods. Despite having such an enormous economy, it still strongly identifies with the Global South. It enjoys much goodwill from this alignment under its engagement policy. If a giant China could seriously align with the Global South, why not Nigeria?  

Nigeria is one of the most advantaged countries in terms of growth potential. It should be a major player in the Global South, which will serve its interest and also the interest of the continent.

Refining Nigeria’s engagement 

I believe that Nigeria has not adequately engaged with China and the Global South. With a groundswell of accolades for the Dar es Salaam Consensus by the diplomatic world, Nigeria must review its engagement with the Global South.  

As for her engagement with China, the Forum on China-Africa Cooperation (FOCAC) is the most prominent framework involving Nigeria. FOCAC’s goal is equal consultation, enhancing understanding, expanding consensus, strengthening friendship and promoting cooperation. Nigeria is a beneficiary of the commitment of FOCAC to these goals. That is why it needs to re-order its policies towards FOCAC. These aims of FOCAC constitute the core ingredient of the Dar es Salaam Consensus.  

A report published in 2016 by the United Nations Environment Programme noted, “More than 52 percent of Chinese foreign aid from 2010-2012 went to the least developed countries for the construction of schools, hospitals and infrastructure. China is a crucial global development partner.”  

When the African Continental Free Trade Agreement was launched in 2018, Nigeria was too cold about it, with some advising against joining because the agreement would not work in Nigeria’s favour. Eventually, it ratified the instruments on 5 December 2020, after the AU had selected Ghana as the site of its headquarters, an opportunity Nigeria could have grabbed if it had acted decisively and timely.  

When Nigerians got agitated about the country’s non-inclusion in the BRICS framework during the last summit in South Africa, the government replied that Nigeria didn’t apply to join BRICS. We wonder why it doesn’t see the need when BRICS members plan to start trading in their members’ currencies, while Nigeria suffocates under the weight of the US dollar’s near monopoly in its market. Even the Naira-RMB swap agreement entered into by the Central Bank of Nigeria and the People’s Bank of China in 2018 has not had a commendable implementation.  

Given Nigeria’s gains from cooperation with mechanisms like FOCAC, the BRI, etc., it will fare better if it is aligned with China and more Global South countries.  

The author is  Editor-in-Chief of Africa China Economy Magazine, Nigeria. African Times has published this article in partnership with ChinAfrica Magazine.