Nigeria has joined the BRICS bloc as a partner country, alongside 12 other nations, solidifying its economic ties with one of the world’s most influential intergovernmental alliances.
This announcement was made during the BRICS summit in Kazan, Russia.
Nigeria’s inclusion comes amid a notable increase in foreign investment from BRICS nations.
In the first half of 2024, Nigeria experienced an 189% surge in foreign capital inflows from BRICS countries, reaching $1.27 billion, compared to $438.72 million during the same period in 2023.
New Partner Nations: A Strategic Move for BRICS
The 13 countries joining BRICS as partner nations are Nigeria, Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
These nations will not hold full membership status but are expected to collaborate closely with BRICS members on economic, trade, and development initiatives.
The official BRICS account on X (formerly Twitter) confirmed the expansion on Wednesday, stating: “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
This move follows a previous expansion in January 2024, when the bloc granted full membership to Iran, Egypt, Ethiopia, and the United Arab Emirates.
These four nations attended their first BRICS summit as full members at this year’s event in Russia.
A Growing and Evolving Alliance
BRICS was initially formed in 2009 by Brazil, Russia, India, and China, with South Africa joining in 2010. Since then, the bloc has expanded its influence, aiming to foster trade, investment, security, and cooperation among emerging market economies.
This year’s summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” marks BRICS’ 16th annual meeting and underscores its focus on deepening economic integration with key emerging nations.
Nigeria’s Ambitions in the Global Economic Landscape
Nigeria’s interest in closer ties with BRICS has been on the rise over the past year. In November 2023, Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, highlighted the country’s goal to join BRICS as a full member within two years and to seek membership in the G20.
He noted that Nigeria’s large economy and population make it a suitable candidate for both organizations.
Nigeria’s Vice President, Kashim Shettima, attended the 2023 BRICS summit in South Africa, but the country did not pursue full membership at that time, even as Ethiopia and Egypt joined as full members.
In September 2024, Minister Tuggar reiterated Nigeria’s interest, signalling that formal steps to join the bloc were being considered under the administration of President Bola Tinubu.
For now, Nigeria’s status as a partner country in BRICS represents a strategic step forward, potentially paving the way for full membership in the future.
The decision aligns with Nigeria’s broader economic ambitions, as the country continues to seek new partnerships and strengthen its position on the global stage.
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