Nigeria officially joins BRICS

• Published On: 24 October 2024 at 12:15

Nigeria has formally joined BRICS as a partner country, with 12 other countries, strengthening its economic links with the intergovernmental organization.

This declaration was made during the ongoing BRICS meeting in Kazan, Russia, on October 22-24, 2024.

Nigeria's entry follows a significant increase in foreign capital inflows from the BRICS nations, which increased by 189% in the first half of 2024, reaching $1.27 billion, up from $438.72 million in the same period in 2023.

This development demonstrates Nigeria's growing economic partnership with the BRICS alliance.

These countries, including Nigeria, have been recognized as partners rather than full members of the BRICS.

Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam are the 12 new partner countries.

On Wednesday, the bloc's X (old Twitter) post read: "BRICS officially adds 13 new nations to the alliance as partner countries (not full members)."

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

These four countries attended their first BRICS summit as full members in 2024, which was held in Russia.

Remember that. Yusuf Tuggar, Nigeria's Minister of Foreign Affairs, indicated in November last year that the country intends to join the BRICS economic bloc within the next two years, as well as the G20.

He emphasized that Nigeria is eligible for membership in organizations such as BRICS and the G20, citing the country's economic size and population as relevant factors.

BRICS was founded in 2009 by Brazil, Russia, India, and China (BRIC), and South Africa joined in 2010, resulting in the alliance's rebranding as BRICS.

The organization's principal goal is to encourage trade, investment, development, security, and collaboration among top emerging market economies.