Nigeria has officially joined BRICS as a partner country, along with 12 other nations, strengthening its economic ties with the intergovernmental bloc. This announcement was made during the ongoing BRICS summit in Kazan, Russia, taking place from October 22 to 24, 2024.
Foreign Capital Inflows Surge
Nigeria’s inclusion in BRICS coincides with a remarkable increase in foreign capital inflows from BRICS nations, which surged by 189% in the first half of 2024, reaching $1.27 billion compared to $438.72 million in the same period in 2023.
New Partner Countries
The 12 other nations joining as partner countries alongside Nigeria include:
- Algeria
- Belarus
- Bolivia
- Cuba
- Indonesia
- Kazakhstan
- Malaysia
- Thailand
- Turkey
- Uganda
- Uzbekistan
- Vietnam
These countries have been designated as partner countries rather than full members. A post on X (formerly Twitter) by the BRICS bloc confirmed the addition, stating, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
Previous Membership Expansion
This announcement follows the earlier inclusion of Iran, Egypt, Ethiopia, and the United Arab Emirates as full members in January 2024. These four countries participated in their first BRICS summit as full members during the current gathering in Russia.
BRICS Formation and Goals
BRICS was initially formed in 2009 by Brazil, Russia, India, and China (BRIC), with South Africa joining in 2010, thus rebranding the alliance as BRICS. The organization aims to promote 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 meeting and focuses on enhancing economic integration with key emerging nations.
Nigeria’s Future Aspirations
In November 2023, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, expressed the country’s ambition to become a full member of the BRICS economic bloc within two years and to join the G20 group of nations. He emphasized that Nigeria’s economic size and population make it a suitable candidate for such organizations.
Last year, Nigeria’s Vice President, Kashim Shettima, attended the BRICS summit in South Africa but did not pursue full membership at that time. In September 2024, Tuggar reiterated Nigeria’s interest in joining BRICS, noting that while no formal application had been submitted yet, the country would do so “at the right time” under the Bola Tinubu administration.