Nigeria has become a partner country of the BRICS economic bloc, alongside 12 other nations, marking a significant milestone in its economic cooperation with the intergovernmental alliance.
The announcement was made during the 16th annual BRICS summit in Kazan, Russia, held from October 22 to 24, 2024.
Persecondnews reports that the new partner countries include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
Given the significant surge in foreign capital inflows from BRICS nations, which rose by 189% in the first half of 2024 and reached $1.27 billion, Nigeria’s inclusion is considered a strategic move.
BRICS, initially formed by Brazil, Russia, India, and China in 2009, aims to foster trade, investment, development, security, and cooperation among leading emerging market economies.
The bloc expanded in 2010 to include South Africa and welcomed Egypt, Ethiopia, Iran, and the United Arab Emirates as full members earlier in 2024.
Nigeria’s Ministry of Foreign Affairs spokesperson, Ambassador Eche Abu-Obe, confirmed the partnership, stating, “Yes, it is true that Nigeria joined BRICS as a partner.”
The country’s Minister of Foreign Affairs, Yusuf Tuggar, had previously expressed Nigeria’s interest in joining the BRICS economic bloc and the G20 group of nations, citing its economy and population size as suitable criteria.
The 2024 BRICS summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” underscored the bloc’s commitment to integrating emerging economies and promoting global economic stability.
Nigeria’s partnership with BRICS is expected to enhance its economic ties with the alliance and promote cooperation in key sectors.
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