Nigeria Joins BRICS as Partner Country After Securing $1.27 Billion in Foreign Capital Inflow
Nigeria has officially joined the BRICS economic bloc as a partner country, alongside 12 other nations, strengthening its economic ties with the group. This development was announced during the ongoing BRICS summit in Kazan, Russia, held from October 22 to 24, 2024.
BRICS confirmed the addition of these nations as partners!
The new partner countries include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, Vietnam, and Nigeria. These nations join BRICS as partner countries, not full members. This follows BRICS’ earlier expansion in January 2024, when Iran, Egypt, Ethiopia, and the United Arab Emirates were granted full membership.
In a post on X (formerly Twitter), BRICS confirmed the addition of these nations as partners, saying, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
Nigeria’s inclusion in BRICS comes amid a surge in foreign capital inflows from BRICS nations. In the first half of 2024, Nigeria attracted $1.27 billion in foreign investments, a 189% increase from $438.72 million during the same period in 2023. This capital inflow reflects growing interest in Nigeria’s economy from BRICS nations.
Strengthening Multilateralism for Fair Global Development and Security!
BRICS, initially formed by Brazil, Russia, India, and China in 2009, expanded to include South Africa in 2010. The bloc’s mission is to foster trade, investment, development, and cooperation among emerging markets.
The theme of the 2024 summit, “Strengthening Multilateralism for Fair Global Development and Security,” focuses on enhancing global economic integration with key emerging nations, marking the bloc’s sixteenth annual gathering.
Nigeria’s journey towards joining BRICS as a partner
Nigeria’s journey towards joining BRICS as a partner country has been in motion for some time. Last year, Vice President Kashim Shettima attended the BRICS summit in South Africa, though Nigeria did not push for membership at that time. More recently, Foreign Affairs Minister Yusuf Tuggar indicated Nigeria’s ongoing interest in becoming a full BRICS member and possibly joining the G20 group in the future, citing the country’s large economy and population as key qualifications.
With this strategic step into BRICS as a partner nation, Nigeria is poised to deepen its economic collaboration with the world’s leading emerging markets.
This move could improve the economy if handled correctly. Hope they don’t mess it up