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Nigeria Joins BRICS As Partner Country

...To Strengthen Ties with Emerging Markets

Published

Saturday, October 26, 2024 at 07:46 AM

Written by Daukoru Grey

Nigeria officially joined the BRICS economic bloc as a partner country on October 24, 2024, alongside 12 other nations. This marks a significant step in strengthening Nigeria's global economic relations, further consolidating its ties with emerging markets. The announcement was made during the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024, signaling a pivotal moment for the bloc as it continues to expand its global influence.

In addition to Nigeria, the new BRICS partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. While these nations were not granted full membership, their inclusion underscores BRICS' commitment to fostering cooperation and growth among a wider range of global economies.

This move is seen as a strategic expansion, strengthening the economic and geopolitical presence of BRICS in various regions of the world.

A recent astatement posted on BRICS’ official social media platform confirmed: “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).” Nigeria’s inclusion comes at a time of increased economic interaction with BRICS member states.

Foreign capital inflows from BRICS nations into Nigeria surged by 189% in the first half of 2024, with investments totaling $1.27 billion, up from $438.72 million in the same period in 2023. This dramatic rise reflects the growing synergy between Nigeria and BRICS economies, particularly in sectors like energy, infrastructure, and trade.

The Kazan summit, themed "Strengthening Multilateralism for Fair Global Development and Security," was the 16th annual BRICS meeting. Nigeria’s addition as a partner country aligns with its long-term strategy of deepening economic integration with key emerging markets.

BRICS was originally established in 2009 by Brazil, Russia, India, and China (BRIC), with South Africa joining in 2010 to form BRICS. This year’s summit also saw Iran, Egypt, Ethiopia, and the United Arab Emirates admitted as full members.

Ongoing discussions about Nigeria’s potential for full membership are likely to intensify, especially after the nation’s Minister of Foreign Affairs, Yusuf Tuggar, stated in 2023 that Nigeria aimed to join BRICS and the G20 within two years. Now a partner in BRICS, Nigeria is well-positioned to further leverage its economic strengths and pursue deeper international partnerships for future growth.

Edited By: Manasseh Paul-Worika

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Nigeria Joins BRICS As Partner Country

This move is seen as a strategic expansion, strengthening the economic and geopolitical presence of BRICS in various regions of the world.

A recent astatement posted on BRICS’ official social media platform confirmed: “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).” Nigeria’s inclusion comes at a time of increased economic interaction with BRICS member states.

The Kazan summit, themed "Strengthening Multilateralism for Fair Global Development and Security," was the 16th annual BRICS meeting. Nigeria’s addition as a partner country aligns with its long-term strategy of deepening economic integration with key emerging markets.

BRICS was originally established in 2009 by Brazil, Russia, India, and China (BRIC), with South Africa joining in 2010 to form BRICS. This year’s summit also saw Iran, Egypt, Ethiopia, and the United Arab Emirates admitted as full members.

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