Nigeria has joined BRICS as a partner country, along with 12 other nations, further solidifying its economic relationships within the intergovernmental bloc.
The other countries joining as partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
These nations have been classified as partner countries rather than full members. An announcement on the official BRICS X (formerly Twitter) account stated, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
This news was revealed at the BRICS summit that took place in Kazan, Russia, from October 22 to 24, 2024.
Nigeria’s addition comes after a significant rise in foreign capital inflows from BRICS countries, which increased by 189% in the first half of 2024, reaching $1.27 billion, up from $438.72 million in the same period of 2023.
Iran, Egypt, Ethiopia, and the United Arab Emirates, which achieved full membership in January 2024, attended their first BRICS summit as full members at the recent gathering in Russia.
BRICS was initially formed in 2009 by Brazil, Russia, India, and China (BRIC), with South Africa joining in 2010, which led to the group’s rebranding as BRICS.
The organization’s primary goals include fostering trade, investment, development, security, and collaboration among prominent emerging market economies.
The 2024 summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” marks the sixteenth annual assembly of the bloc and aims to strengthen economic ties with important emerging nations.
LEADERSHIP notes that in November of the previous year, Foreign Affairs Minister Yusuf Tuggar mentioned Nigeria’s plans to join the BRICS economic bloc within two years and also to become part of the G20 nations.
He pointed out that Nigeria qualifies for membership in organizations like BRICS and G20 based on its economic size and population.
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