Nigeria has officially joined BRICS as a partner country, alongside 12 other nations, thereby enhancing its economic connections with the intergovernmental bloc.
The additional countries joining Nigeria as partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
These nations have been designated as partner countries rather than full members. A statement on the official BRICS account on X (formerly Twitter) announced, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
This announcement was made during the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024.
Nigeria’s inclusion follows a notable increase in foreign capital inflows from BRICS countries, which surged by 189% in the first half of 2024, reaching $1.27 billion compared to $438.72 million in the same timeframe in 2023.
Iran, Egypt, Ethiopia, and the United Arab Emirates, which gained full membership in January 2024, participated in their first BRICS summit as full members during this recent gathering in Russia.
Originally established in 2009 by Brazil, Russia, India, and China (BRIC), South Africa joined in 2010, leading to the rebranding of the group as BRICS.
The organization aims to promote trade, investment, development, security, and cooperation among leading emerging market economies.
The 2024 summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” marks the bloc’s sixteenth annual meeting and aims to enhance economic integration with key emerging nations.
LEADERSHIP recalls that last November, Foreign Affairs Minister Yusuf Tuggar stated Nigeria intended to become a full member of the BRICS economic bloc within two years and also aimed to join the G20 group of nations.
The Minister emphasized that Nigeria meets the qualifications for membership in organizations like BRICS and G20, given the size of its economy and population.