Nigeria has officially joined BRICS as a partner country, along with 12 other nations, further solidifying its economic ties with the intergovernmental group.
This announcement was made at the ongoing BRICS summit in Kazan, Russia, from October 22 to 24, 2024.
Nigeria’s inclusion comes on the heels of a substantial rise in foreign capital inflows from BRICS nations, which surged by 189% in the first half of 2024, reaching $1.27 billion, compared to $438.72 million during the same period in 2023.
This development highlights the deepening economic collaboration between Nigeria and the BRICS bloc.
These countries, including Nigeria, have been designated as partner countries rather than full members of BRICS.
The 12 additional countries joining as partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
A post on X (former Twitter) from the bloc on Wednesday read, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
This development follows the full membership granted to Iran, Egypt, Ethiopia, and the United Arab Emirates in January 2024.
These four nations participated in their inaugural BRICS summit as full members at the 2024 gathering in Russia.
Recall that In November last year, the Minister of Foreign Affairs, Yusuf Tuggar stated that Nigeria aims to become a member of the BRICS economic bloc within the next two years and to join the G20 group of nations.
He highlighted that Nigeria qualifies for membership in organizations like BRICS and the G20, citing the country’s economic size and population as suitable criteria.
BRICS was originally formed by Brazil, Russia, India, and China (BRIC) in 2009, with South Africa joining in 2010, leading to the rebranding of the alliance to BRICS.
The organization’s primary mission is to promote trade, investment, development, security, and cooperation among leading emerging market economies.
