Nigeria joins Putin-led BRICS

Nigeria has officially joined BRICS as a partner country, alongside 12 other nations.

This announcement was made today at the ongoing BRICS summit in Kazan, Russia, held from October 22 to 24, 2024.

Nigeria’s inclusion comes on the heels of a significant surge in foreign capital inflows from BRICS nations, which rose by 189% in the first half of 2024, reaching $1.27 billion, compared to $438.72 million during the same period in 2023.

But Diaspora Digital Media understands that Nigeria and 12 others have joined BRICS as partner countries, not full members.

The 12 additional countries joining as partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

The countries could later exercise their discretion to apply for full membership or not.

A post on X (former Twitter) from the bloc on Wednesday read, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”

This follows the full membership earlier granted to Iran, Egypt, Ethiopia, and the United Arab Emirates in January 2024.

These four countries attended their first BRICS summit as full members at the 2024 gathering in Russia.

BRICS, initially formed by Brazil, Russia, India, and China (BRIC) in 2009, welcomed South Africa as a member in 2010, rebranding the alliance to BRICS.

The organization’s core mission is to foster trade, investment, development, security, and cooperation among leading emerging market economies.

The 2024 summit, themed ““Strengthening Multilateralism for Fair Global Development and Security,” marks the bloc’s sixteenth annual gathering and seeks to deepen economic integration with key emerging nations.

Background
November last year, the Minister of Foreign Affairs, Yusuf Tuggar, was reported to have said that Nigeria plans to become a member of the BRICS economic bloc in the next two years and join the G20 group of nations.

The Minister said that Nigeria meets the qualification for joining organisations like the BRICS and G20, noting the size of her economy and her population is a suitable criterion.

Last year, Nigeria’s Vice President, Kashim Shettima attended the BRICS summit in South Africa but didn’t push to become a member when the bloc admitted new members including two from Africa – Ethiopia and Egypt.

In September this year, Tuggar, the Foreign Affairs Minister, reiterated the country’s interest in joining BRICS, an influential economic bloc comprising Brazil, Russia, India, China, and South Africa.

Tuggar explained that while Nigeria has not yet formally applied to join the bloc, the country would do so “at the right time.”

He noted that joining the bloc is indeed on the radar of the Bola Tinubu administration.

About BRICS

BRICS is an association of five major emerging national economies, comprising Brazil, Russia, India, China, and South Africa.

Formed in 2006, the group aims to promote economic cooperation, trade, and investment among its member countries.

With a combined GDP of over $16 trillion, accounting for around 25% of global GDP, and a population of over 3.2 billion people, representing approximately 42% of the world’s population, BRICS has become a significant player in global affairs.

The group’s influence spans across four continents, making it a vital force in shaping global economic and political landscapes.

The BRICS alliance seeks to counterbalance the influence of traditional Western powers and promote multipolar global governance.

Through initiatives like the BRICS Development Bank (New Development Bank, NDB), Contingent Reserve Arrangement (CRA), Business Council, and Think Tank Council, the group fosters cooperation in areas such as energy, agriculture, and technology.

With its growing influence, the forum has attracted interest from other countries, including Nigeria, seeking to join the alliance.

As the bloc continues to expand its economic cooperation and global reach, it is poised to play an increasingly important role in shaping the world’s economic and political future, addressing global challenges like climate change, inequality, and sustainable development.

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