Nigeria has joined the BRICS as a partner country, alongside 12 other nations, further strengthening its economic ties with the intergovernmental bloc.
Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam are among the 12 additional countries joining the group as partner nations.
The countries, including Nigeria, were added as partner countries and not full members.
A statement on the BRICS official X (formerly Twitter) handle on Wednesday read, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
The announcement was also made at the BRICS summit in Kazan, Russia, which was held from October 22 to 24, 2024.
Nigeria’s inclusion came after a significant surge in foreign capital inflows from BRICS nations, which rose by 189% in the first half of 2024, reaching $1.27 billion, compared to $438.72 million during the same period in 2023.
Iran, Egypt, Ethiopia, and the United Arab Emirates, having gained full membership in January 2024, attended their first BRICS summit as full members at the 2024 gathering in Russia.
BRICS, which was initially formed by Brazil, Russia, India, and China (BRIC) in 2009, welcomed South Africa as a member in 2010, rebranding the alliance to BRICS acronym.
The organization’s core mission is to foster 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 seeks to deepen economic integration with key emerging nations.
LEADERSHIP recalls that in November last year, the Minister of Foreign Affairs, Yusuf Tuggar, was reported to have said that Nigeria planned to become a member of the BRICS economic bloc in the next two years and join the G20 group of nations.
The Minister said that Nigeria meets the qualification for joining organisations like the BRICS and G20, noting the size of her economy and her population are a suitable criteria.
Leadership
