Nigeria has officially become a BRICS partner country, joining 12 other nations and further bolstering its economic ties with the intergovernmental bloc. This announcement was made during the ongoing BRICS summit in Kazan, Russia, which runs from 22nd to 24th October 2024.
Nigeria’s inclusion follows a substantial increase in foreign capital inflows from BRICS nations, which surged by 189% in the first half of 2024, totalling $1.27 billion compared to $438.72 million during the same period in 2023.
Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam are among the 12 additional countries joining as partner nations.
These nations and Nigeria have been included as partner countries and not as full members.
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).”
In January 2024, Iran, Egypt, Ethiopia, and the United Arab Emirates were granted full membership.
At the 2024 meeting in Russia, these four countries participated in their first BRICS summit as full members.
Initially established as BRIC by Brazil, Russia, India, and China in 2009, BRIC welcomed South Africa as a member in 2010, leading to the rebranding of the alliance to BRICS.
The organisation’s primary goal is to promote trade, investment, development, security, and cooperation among the top 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.