Nigeria has officially joined the BRICS bloc as a partner country, alongside 12 other nations, in a move that further strengthens its economic relationship with the intergovernmental group. The announcement was made during the BRICS summit held from October 22 to 24, 2024, in Kazan, Russia.
In addition to Nigeria, the new partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. While these countries were added as partner nations, they do not hold full membership status.
A statement from BRICS’ official X (formerly Twitter) handle confirmed the development, saying, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
Nigeria’s inclusion in BRICS comes on the heels of a substantial increase in foreign capital inflows from BRICS member countries, which surged by 189% in the first half of 2024. Nigeria saw inflows rise to $1.27 billion, a significant jump from $438.72 million during the same period in 2023. This growth underscores Nigeria’s deepening economic engagement with the bloc.
The 2024 summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” is the bloc’s sixteenth annual meeting. The gathering focuses on enhancing trade, investment, development, and security among the world’s leading emerging economies.
Meanwhile, Iran, Egypt, Ethiopia, and the United Arab Emirates, who gained full membership in January 2024, attended their first BRICS summit as full members.
Formed in 2009 by Brazil, Russia, India, and China, BRICS expanded in 2010 to include South Africa, officially rebranding the bloc. Its core mission is to foster trade and investment cooperation among emerging market economies.
In November last year, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, expressed the country’s intention to join BRICS and the G20 within two years. Tuggar highlighted Nigeria’s economic size and population as key qualifications for joining such global organizations.
Nigeria’s new status as a BRICS partner country signals a major step in achieving these ambitions and securing its position among the world’s influential emerging economies.
