Nigeria has officially joined the BRICS economic bloc as a partner country, along with 12 other nations, which strengthens its economic connections with this intergovernmental organisation.
This announcement was made during the BRICS summit in Kazan, Russia, which took place from October 22 to 24, 2024. Nigeria’s addition to the group comes after a big increase in foreign money coming from BRICS countries, which grew by 189% in the first half of 2024, reaching $1.27 billion.
Minister of Foreign Affairs Yusuf Tuggar had earlier shown interest in joining BRICS, mentioning that Nigeria meets the economic and population requirements. This partnership is expected to improve economic cooperation, trade, and investments.
Other partner countries in BRICS include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. Iran, Egypt, Ethiopia, and the United Arab Emirates became full members in January 2024.
BRICS, formed in 2009, is made up of Brazil, Russia, India, China, and South Africa.
