Nigeria has officially joined BRICS as a partner country, alongside 12 other nations, enhancing its economic ties with the intergovernmental bloc. This announcement was made during the ongoing BRICS summit in Kazan, Russia, from October 22 to 24, 2024.....Read Full Article>>
Nigeria’s inclusion follows a remarkable 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 during the same period in 2023.
The 12 additional nations joining as partner countries include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. These countries, including Nigeria, are recognized as partner countries rather than full members.
A post on X (formerly Twitter) from the bloc on Wednesday stated, “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, who attended their first BRICS summit as full members at the gathering in Russia.
Originally formed by Brazil, Russia, India, and China (BRIC) in 2009, South Africa joined in 2010, leading to the rebranding of the alliance to 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 gathering and aims to deepen economic integration with key emerging nations.
In November last year, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, indicated plans for Nigeria to become a member of the BRICS economic bloc within two years and to join the G20 group of nations. He noted that Nigeria meets the qualifications for joining organizations like BRICS and G20, given the size of its economy and population.
Last year, Nigeria’s Vice President, Kashim Shettima, attended the BRICS summit in South Africa but did not pursue membership at that time when new members were admitted, including Ethiopia and Egypt. In September, Tuggar reiterated Nigeria’s interest in joining BRICS, explaining that while the country has not yet formally applied, it plans to do so “at the right time,” reflecting the Bola Tinubu administration’s focus on joining the influential economic bloc.
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