Nigeria has become a partner country in the BRICS group, joining 12 other nations.
This news was announced during the BRICS summit in Kazan, Russia, which took place from October 22 to 24, 2024.
The decision to include Nigeria comes after a large increase in foreign investments from BRICS countries.
Nigeria received $1.27 billion in the first half of 2024, a 189% rise compared to the $438.72 million during the same time in 2023.
Alongside Nigeria, other countries joining as partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. However, these nations, including Nigeria, are partners and not full members of BRICS.
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BRICS was originally formed by Brazil, Russia, India, and China in 2009. South Africa joined in 2010, changing the name to BRICS. The group focuses on promoting trade, investment, and security among leading emerging economies.
Earlier in 2024, full membership was granted to Iran, Egypt, Ethiopia, and the United Arab Emirates. These countries attended their first BRICS summit in Russia this year.
Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, had expressed interest in joining BRICS as a full member.
He noted that Nigeria’s economy and population make the country suitable for membership in groups like BRICS and the G20, which would be pursued “at the right time.”
While Nigeria has not formally applied for full membership, the current administration is considering it for the future.
